Multiple Choice
An increase in the price of pure chocolate morsels from $2.25 to $2.45 causes suppliers of chocolate morsels to increase their quantity supplied from 125 bags per minute to 145 bags per minute.Supply is
A) elastic,and the price elasticity of supply is 1.74.
B) elastic,and the price elasticity of supply is 0.57.
C) inelastic,and the price elasticity of supply is 1.74.
D) inelastic,and the price elasticity of supply is 0.57.
Correct Answer:
Verified
Correct Answer:
Verified
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