Multiple Choice
If the price elasticity of supply is 4, an increase in the price of Good X by 5 percent:
A) causes the quantity supplied of Good X to rise 20 percent.
B) causes the quantity supplied of Good X to fall 20 percent.
C) causes the quantity supplied of Good X to rise 1.25 percent.
D) causes the quantity supplied of Good X to fall 1.25 percent.
Correct Answer:
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