Which of the Following Is True

question 236

Multiple Choice

Which of the following is true?
I.The supply of a good is inelastic if when its price changes,the percentage change in the quantity supplied exceeds the percentage change in price.
II.Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price.
III.If demand is price elastic,a rise in price leads to a decrease in total revenue.

• A) Only I
• B) Only II
• C) Only III
• D) I and II
• E) II and III

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