Essay
Which of the following statements is true?
A.If the price elasticity of supply is less than 1, then the supply is price-elastic.
B.If the price elasticity of supply is less than 1, then the supply is price-inelastic.
C.If the price elasticity of supply is zero, then price is unit-elastic.
D.If the price elasticity of supply is less than 1, then the supply is very responsive to price changes.
Correct Answer:
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