Multiple Choice
In a competitive market where the elasticity of the market demand curve is -1.5,the number of firms is 20,and an individual firm faces a residual demand curve with an elasticity of -68.What is the elasticity of the supply curve?
A) 0.5
B) 1.2
C) 2
D) Cannot be determined.
Correct Answer:
Verified
Correct Answer:
Verified
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