If the Elasticity of Supply Coefficient for a Good Is

question 147

Multiple Choice

If the elasticity of supply coefficient for a good is one-sixth (in absolute terms) , we know:

• A)​that for every 1% increase in quantity, there will be a 6% increase in price.
• B)​that for every 1% increase in quantity, there will be a 6% decrease in price.
• C)​that for every 6% increase in quantity, there will be a 1% increase in price.
• D)​that for every 6% increase in quantity, there will be a 1% decrease in price.

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Definitions:

Positive Consequence

A favorable result or outcome that occurs as a result of an action or decision.

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An unfavorable result or effect that occurs as a result of an action or decision.

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