Multiple Choice
The supply of product X is inelastic (but not perfectly inelastic) if the price of X rises by
A) 5 percent and quantity supplied rises by 7 percent.
B) 8 percent and quantity supplied rises by 8 percent.
C) 10 percent and quantity supplied remains the same.
D) 7 percent and quantity supplied rises by 5 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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