Multiple Choice
The coefficient of price-elasticity of supply for a product is 2 if
A) a 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied.
B) a 2 percent decrease in price causes a 1 percent decrease in quantity supplied.
C) a 1 percent decrease in price causes a 2 percent decrease in quantity supplied.
D) a 2 percent decrease in price causes a 2 percent decrease in quantity supplied.
Correct Answer:
Verified
Correct Answer:
Verified
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