Question 48
MediumOriginal questionA 10% rise in price raises quantity supplied by 4%. Supply is
Show the answer and explanation
CorrectNot quiteAnswer D
Correct answer: D
Explanation
eₛ = 4% ÷ 10% = 0.4, less than 1: inelastic.
- Concept
- Inelastic supply
- Typical timeTypical
- 70 s
- Your timeYours
- —
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