Multiple Choice
Suppose an increase in the price of golf clubs from $75 to $125 leads to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf clubs at the original price of $75 is ________, so supply is ________.
A) 2; elastic
B) 2; inelastic
C) 4/3; elastic
D) 3/4; inelastic
Correct Answer:
Verified
Correct Answer:
Verified
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