Which of the following statements about price elasticity is FALSE?
A) The demand for a necessity should be more price elastic than the demand for a luxury.
B) The main factor influencing elasticity of supply is the amount of time a seller has to adjust to a price change.
C) The supply of a product is price elastic if a 4 percent change in price leads to a 6 percent change in quantity supplied.
D) The demand for a good with many substitutes should be more price elastic than the demand for a good with a few substitutes.
Correct Answer:
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A) can be calculated
