If a One Percent Increase in the Price of Oranges

question 151

Multiple Choice

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.

• A)1/5
• B)1/2
• C)5
• D)2

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Definitions:

Mobile Device

A portable computing device such as a smartphone or tablet computer.

Widgets

A generic term often used in economics or technology to refer to any hypothetical manufactured product.