If a 25% Change in Price Results in a 40

question 431

Multiple Choice

If a 25% change in price results in a 40% change in quantity supplied, then the price elasticity of supply is about

• A) 0.63, and supply is elastic.
• B) 0.63, and supply is inelastic.
• C) 1.60, and supply is elastic.
• D) 1.60, and supply is inelastid.

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