Multiple Choice
Suppose that the price elasticity of supply is 0.5 and the price increases by 4%. We would predict
A) an 8% increase in quantity supplied.
B) a 2% increase in quantity supplied.
C) a 0.8% increase in quantity supplied.
D) a 0.2% increase in quantity supplied.
Correct Answer:
Verified
Correct Answer:
Verified
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