As price rises, quantity demanded

If the price elasticity of supply of television sets is constant and equal to 3, a 10 percent increase in price will result in a change in quantity supplied equal to

A) 3 1/3 percent. B) 30 percent. C) 1/3 percent. D) -30 percent.

Successful product differentiation by a monopolistically competitive firm makes the demand curve, faced by the firm, steeper

a. True b. False Indicate whether the statement is true or false