Which of the Following Is False

question 198

Multiple Choice

Which of the following is false?

• A)The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good.
• B)The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price.
• C)Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply.
• D)When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.
• E)Time is usually critical in supply elasticities, because it is more costly for producers to bring forth and release resources in a shorter period of time.

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