An Increase in the Price of Pure Chocolate Morsels from $2.25

question 246

Multiple Choice

An increase in the price of pure chocolate morsels from $2.25 to $2.45 causes suppliers of chocolate morsels to increase their quantity supplied from 125 bags per minute to 145 bags per minute.Supply is

• A) elastic,and the price elasticity of supply is 1.74.
• B) elastic,and the price elasticity of supply is 0.57.
• C) inelastic,and the price elasticity of supply is 1.74.
• D) inelastic,and the price elasticity of supply is 0.57.

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