Which of the following is true of the price elasticity of supply?
A) Price elasticity of supply = Percentage change in quantity supplied/Absolute change in price
B) Price elasticity of supply = Percentage change in quantity supplied/Percentage change in price
C) Price elasticity of supply = Percentage change in quantity supplied × Absolute change in price
D) Price elasticity of supply = Percentage change in quantity supplied × Percentage change in price
Correct Answer:
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