Multiple Choice
What is price elasticity of supply?
A) It is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service.
B) It is a measure of consumers' responsiveness to a change in price.
C) It is the absolute value of the quantity supplied of a good or service and is always a negative number.
D) It is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
Correct Answer:
Verified
Correct Answer:
Verified
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