If the price elasticity of supply is 0.3, supply is:
A)unaffected by price changes.
B)inelastic.
C)unitary elastic.
D)elastic.

Name: If the price elasticity of supply is 0.3, supply is: A)unaffected by price changes. B)inelastic. C)unitary elastic. D)elastic.
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Question

Quizplus · Accepted Answer

A price elasticity of supply of 0.3 indicates that supply is inelastic, meaning that the quantity supplied is relatively unresponsive to price changes.

If the Price Elasticity of Supply Is 0