Multiple Choice
Suppose that the price elasticity of supply is 1.25 and the quantity supplied increases by 10%. Other things being equal, the percentage change in the price should be
A) a 0.8% increase in the price.
B) an 8% increase in the price.
C) a 1.25% increase in the price.
D) a 12.5% increase in the price.
Correct Answer:
Verified
Correct Answer:
Verified
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