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