Multiple Choice
If the elasticity of supply of a product is greater than one, then supply is:
A) elastic
B) inelastic
C) unit elastic
D) not very sensitive to change in price
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q19: If a change in the price of
Q44: If price changes and total revenue changes
Q93: Economists compute the price elasticity of demand
Q100: Suppose the price of product X is
Q115: The price of product X is reduced
Q120: Alice says that she would buy one
Q121: Demand is classed as elastic if the
Q139: The price elasticity of demand for a
Q170: Suppose a producer is able to separate
Q172: Graph 5-2 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8859/.jpg" alt="Graph 5-2