Multiple Choice
Suppose a decrease in world demand for potash (used in the production of fertilizer) decreases the price by 5 percent.Annual Canadian production decreases by 2 percent.What is the elasticity of supply of Canadian potash?
A) 0.2
B) 0.4
C) 0.5
D) 1.0
E) 2.5
Correct Answer:
Verified
Correct Answer:
Verified
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