If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is
A) elastic.
B) inelastic.
C) unit elastic.
D) infinite.

Name: If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is A) elastic. B) inelastic. C) unit elastic. D) infinite.
Brand: Quizplus
Rating: 4.8 (42 reviews)

Question

Quizplus · Accepted Answer

Supply is inelastic because the percentage change in quantity supplied (5%) is less than the percentage change in price (10%).

If a 10 Percent Increase in Price Causes a 5