Suppose That the Price of Product X Rises by 20

question 200

Multiple Choice

Suppose that the price of product X rises by 20 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is

• A)negative, and therefore X is an inferior good.
• B)positive, and therefore X is a normal good.
• C)less than 1, and therefore supply is inelastic.
• D)more than 1, and therefore supply is elastic.

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