Multiple Choice
Suppose the price elasticity of supply for how-to books is 0.3 in the short run and 1.2 in the long run.If an increase in the demand for how-to books causes the price of how-to books to increase by 5%,then the quantity supplied of how-to books will increase by
A) 1.5% in the short run and 6% in the long run.
B) 6% in the short run and 1.5% in the long run.
C) 16.7% in the short run and 4.2% in the long run.
D) 4.2% in the short run and 16.7% in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
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