Suppose That the Value of the Supply Elasticity of a Product

question 135

Multiple Choice

Suppose that the value of the supply elasticity of a product is 2 and its price decreases by 14%.What will happen to the quantity supplied?

• A)It will increase by 7%.
• B)It will increase by 28%.
• C)It will decrease by 7%.
• D)It will decrease by 28%.
• E)It cannot be determined without further information.

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