Suppose the value of the price elasticity of supply is 4

Subject:EconomicsPrice:2.88 Bought3

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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.