Multiple Choice
If a rise in the price of oranges from $7 to $9 a bushel increases the quantity of bushels supplied from 4,500 to 5,500 bushels, the
A) supply of oranges is elastic.
B) supply of oranges is inelastic.
C) demand for oranges is elastic.
D) demand for oranges is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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