Multiple Choice
If for a particular market a drop in price from $100 to $50 causes quantity supplied to decrease from 3 million to 2 million units we can say that supply:
A) is elastic
B) is inelastic
C) is perfectly inelastic
D) is perfectly elastic
E) has a price elasticity whose numerical value is exactly equal to one
Correct Answer:
Verified
Correct Answer:
Verified
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