Multiple Choice
Suppose that the price of product X rises by 20 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is
A) negative, and therefore X is an inferior good.
B) positive, and therefore X is a normal good.
C) less than 1, and therefore supply is inelastic.
D) more than 1, and therefore supply is elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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