Multiple Choice
Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run.If an increase in the demand for soccer balls causes the price of soccer balls to increase by 20%,then the quantity supplied of soccer balls will increase by about
A) 0.67% in the short run and 0.17% in the long run.
B) 3% in the short run and 1.2% in the long run.
C) 6% in the short run and 24% in the long run.
D) 66.7% in the short run and 16.7% in the long run.
Correct Answer:
Verified
Correct Answer:
Verified
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