If the Price of Corn Increases by 20 Percent and the Quantity

question 295

Multiple Choice

If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent,then supply is

• A) elastic and the elasticity of supply equals 1.5.
• B) inelastic and the elasticity of supply equals 1.5.
• C) elastic and the elasticity of supply equals 0.66.
• D) inelastic and the elasticity of supply equals 0.66.
• E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.

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