If the Elasticity of Supply Coefficient for a Good Is

Multiple Choice

If the elasticity of supply coefficient for a good is 6, we know:

A) ​that for every 1% increase in quantity, there will be a 6% increase in price.
B) ​that for every 1% increase in quantity, there will be a 6% decrease in price.
C) ​that for every 6% increase in quantity, there will be a 1% increase in price.
D) ​that for every 6% increase in quantity, there will be a 1% decrease in price.