If a 20% change in price results in a 15% change in quantity supplied, then the price elasticity of supply is about
a. 1.33, and supply is elastic.
b. 1.33, and supply is inelastic.
c. 0.75, and supply is elastic.
d. 0.75, and supply is inelastic.
d
Economics
You might also like to view...
In the Keynesian model in the long run, an increase in taxes causes the price level to ________ and the real interest rate to ________
A) fall; rise B) fall; fall C) rise; rise D) rise; fall
Economics
The Board of Governors of the Federal Reserve System has how many governors?
A) 1 B) 5 C) 7 D) 12
Economics