Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound. The supply of Ostrich meat, other factors held constant, is:

Question

Quizplus · Accepted Answer

The supply of Ostrich meat is price elastic because the quantity supplied increases by a greater percentage than the percentage increase in price, indicating a responsive change in quantity supplied to price changes.

Assume 300 Billion Pounds of Ostrich Meat Is Produced Per