Multiple Choice
If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied, then the supply of the good is ________ and the elasticity of supply is ________.
A) inelastic; 0.5
B) inelastic; 2.0
C) elastic; 0.5
D) elastic; 2.0
Correct Answer:
Verified
Correct Answer:
Verified
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