Multiple Choice
Assume the price of widgets increases by 22 percent and the quantity supplied increases by 27 percent as a result. The elasticity of supply coefficient is:
A) greater than 1, implying that widgets are normal goods.
B) less than 1, implying that widgets are inferior goods.
C) greater than 1, implying that supply is elastic.
D) greater than 1, implying that supply is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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