If the price of a product falls by 15% and the quantity supplied falls by 25%, the supply of the product is
A) inelastic.
B) unitary elastic.
C) elastic.
D) perfectly elastic.

Name: If the price of a product falls by 15% and the quantity supplied falls by 25%, the supply of the product is A) inelastic. B) unitary elastic. C) elastic. D) perfectly elastic.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The supply is elastic because the percentage change in quantity supplied (25%) is greater than the percentage change in price (15%).

If the Price of a Product Falls by 15% and the Quantity