If a 5 Percent Change in the Price of a Good

question 54

Multiple Choice

If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied, then the supply of the good is ________ and the elasticity of supply is ________.

• A) inelastic; 0.5
• B) inelastic; 2.0
• C) elastic; 0.5
• D) elastic; 2.0

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Definitions:

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