The Coefficient of Price-Elasticity of Supply for a Product Is

question 252

Multiple Choice

The coefficient of price-elasticity of supply for a product is 2 if

• A) a 1 percent decrease in the price causes a 0.2 percent decrease in quantity supplied.
• B) a 2 percent decrease in price causes a 1 percent decrease in quantity supplied.
• C) a 1 percent decrease in price causes a 2 percent decrease in quantity supplied.
• D) a 2 percent decrease in price causes a 2 percent decrease in quantity supplied.

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