Multiple Choice
The elasticity of supply coefficient for lobster is estimated to be equal to 0.6.It is expected, therefore, that a 10% decrease in price would lead to:
A) a 6% decrease in the quantity of lobsters supplied.
B) a 6% increase in the quantity of lobsters supplied.
C) a 10% decrease in the quantity of lobsters supplied.
D) a 10% increase in the quantity of lobsters supplied.
E) a 0.6% increase in the quantity of lobsters supplied.
Correct Answer:
Verified
Correct Answer:
Verified
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