Multiple Choice
The elasticity of supply coefficient for lobster is estimated to be equal to 0.6. What would a 10 percent decrease in price lead to?
A) a 10 percent decrease in the quantity of lobsters supplied
B) a 6 percent increase in the quantity of lobsters supplied
C) a 6 percent decrease in the quantity of lobsters supplied
D) a 10 percent increase in the quantity of lobsters supplied
Correct Answer:
Verified
Correct Answer:
Verified
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