Refer to the Diagram and Assume That Price Increases from $2

question 289

Multiple Choice

Refer to the diagram and assume that price increases from $2 to $10. The coefficient of the price elasticity of supply (midpoint formula) relating to this price change is about

• A)5, and supply is elastic.
• B)1, and supply is unit elastic.
• C)0.25, and supply is inelastic.
• D)2.5, and supply is elastic.

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