The Elasticity of Supply Coefficient for Bicycles Is Estimated to Be

question 251

Multiple Choice

The elasticity of supply coefficient for bicycles is estimated to be equal to 1.5. It is expected, therefore, that a 4% increase in price would lead to:

• A)​a 4% decrease in the quantity of bicycles supplied.
• B)​a 4% increase in the quantity of bicycles supplied.
• C)​a 6% decrease in the quantity of bicycles supplied.
• D)​a 6% increase in the quantity of bicycles supplied.

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