If the price of a good increases 1 percent, and quantity supplied increases 2 percent, then the

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If the price of a good increases 1 percent, and quantity supplied increases 2 percent, then the supply of the good is:

a. elastic

b. inelastic

c. unitary elastic

d. cannot tell from the information given

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Principles Of Agricultural Economics

ISBN: 9780415540704

1st Edition

Authors: Andrew Barkley, Paul W. Barkley

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Question Posted: Apr 17, 2024 08:00 AM

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If the price of a good increases 1 percent, and quantity supplied increases 2 percent, then the

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The price elasticity of supply PES is the measure of the responsiveness in quantity supplied QS to a ...View the full answer

Principles Of Agricultural Economics

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