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If a 20% Change in Price Results in a 15

Question 503

Multiple Choice

If a 20% change in price results in a 15% change in quantity supplied, then the price elasticity of supply is about

A) 1.33, and supply is elastic.
B) 1.33, and supply is inelastic.
C) 0.75, and supply is elastic.
D) 0.75, and supply is inelastid.

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