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If a 30 Percent Change in Price Causes a 10

Question 172

Multiple Choice

If a 30 percent change in price causes a 10 percent change in quantity supplied,what do we know about the price elasticity of supply

A) It is 1/3 and supply is elastic.
B) It is 1/3 and supply is inelastic.
C) It is 1 and supply is unit elastic.
D) It is 3 and supply is elastic.

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