Multiple Choice
If the price elasticity of supply is 0.75, then when the price of Good Y falls by 10 percent:
A) the quantity supplied of Good X rises by 7.5 percent.
B) the quantity supplied of Good X rises by 133 percent.
C) the quantity supplied of Good X falls by 7.5 percent.
D) the quantity supplied of Good X falls by 133 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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