Multiple Choice
If the percentage change in price is 10% and the percentage change in quantity supplied is 5% then the supply for the good is
A) Elastic
B) Inelastic
C) Unit elastic
D) Perfectly inelastic
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q55: If the price of a good falls
Q56: For a given decrease in supply, the
Q57: A congestible public good is such that<br>A)Rivalry
Q58: If there is no change in price
Q59: Consumer surplus is defined as<br>A)the value that
Q61: For a linear and upward sloping supply
Q62: Suppose a long stretch of beach with
Q63: If the percentage change in price is
Q64: The elasticity of demand for gasoline is
Q65: A decrease in supply will always<br>A)increase producer