If the price of a good doubles and quantity supplied triples, then
a. demand is elastic
b. demand is inelastic
c. supply is inelastic
d. supply is elastic
e. there is insufficient information to reach any conclusion about the price elasticity of supply
D
Economics
You might also like to view...
According to the five forces framework, sustainable industry profits depend upon:
A. the power of input suppliers. B. industry entry conditions. C. the degree of industry rivalry. D. All of the statements associated with this question are correct.
Economics
Social and political forces affect the way in which the invisible hand works.
Answer the following statement true (T) or false (F)
Economics