Multiple Choice
The price elasticity of supply for a good is 3 if:
A) a 1 percent increase in price leads to a 3 percent decrease in quantity supplied.
B) a 1 percent decrease in price leads to a 3 percent decrease in quantity supplied.
C) a 9 percent decrease in price leads to a 3 percent decrease in quantity supplied.
D) None of the above are true.
Correct Answer:
Verified
Correct Answer:
Verified
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