The Elasticity of Supply Coefficient for Lobster Is Estimated to Be

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.