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The Price Elasticity of Supply for Umbrellas Is 2

Question 208

Multiple Choice

The price elasticity of supply for umbrellas is 2.Suppose you are told that following a price increase,quantity supplied increased by 30 per cent.What was the percentage change in price that brought this about?


A) 60 per cent
B) 15 per cent
C) 6.7 per cent
D) Impossible to determine without additional information

Correct Answer:

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