When a Ride-Sharing Service Implements "Surge" Pricing, Raising All Fares

question 338

Multiple Choice

When a ride-sharing service implements "surge" pricing, raising all fares by 30%, drivers choose to work longer hours and this results in an increase of 40% more rides available. The price elasticity of supply for ride-sharing is _____, and the supply is _____.

• A) 0.75; elastic
• B) 0.75; inelastic
• C) 1.33; elastic
• D) 1.33; inelastic

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