Multiple Choice
If the elasticity of supply of TV sets is equal to 3, then a 10 per cent increase in the price of a TV will
A) decrease the quantity supplied by 30.0 per cent.
B) increase the quantity supplied by 30.0 per cent.
C) increase the quantity supplied by 3.33 per cent.
D) increase the quantity supplied by 0.33 per cent.
Correct Answer:
Verified
Correct Answer:
Verified
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