In a Competitive Market Where the Elasticity of the Market

question 8

Multiple Choice

In a competitive market where the elasticity of the market demand curve is -1.5,the number of firms is 20,and an individual firm faces a residual demand curve with an elasticity of -68.What is the elasticity of the supply curve?

• A) 0.5
• B) 1.2
• C) 2
• D) Cannot be determined.

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