question archive Suppose the value of the price elasticity of supply is 4
Suppose the value of the price elasticity of supply is 4
Subject:EconomicsPrice:2.88 Bought3
Suppose the value of the price elasticity of supply is 4. What does this mean?
A. For every $1 increase in price, quantity supplied increases by 4 units.
B. A 1 percent increase in the price of the good causes the supply curve to shift upward by 4 percent.
C. A 4 percent increase in the price of the good causes quantity supplied to increase by 1 percent.
D. A 1 percent increase in the price of the good causes quantity supplied to increase by 4 percent.
