The Supply of Product X Is Inelastic (But Not Perfectly

question 317

Multiple Choice

The supply of product X is inelastic (but not perfectly inelastic) if the price of X rises by

• A)5 percent and quantity supplied rises by 7 percent.
• B)8 percent and quantity supplied rises by 8 percent.
• C)10 percent and quantity supplied remains the same.
• D)7 percent and quantity supplied rises by 5 percent.

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