1. If a business increases its supply significantly based on a price increase, its price elasticity of supply is likely. A. Unit elastic. B. Dependent on demand. C. Inelastic. D. Determined by the law of increasing marginal utility. E. Elastic. 2. Based on the supply schedule attached which of the following is true of the products price elasticity of supply? A. It is violating the law of supply. B. More information is needed. C. It is -0.6 when increasing from $1 to $2. D. Is it 1.5 when increasing from $2 to $3. E. It is 0.78 when increasing from $3 to $4. 3. The price of apples increases by 10% and the quantity supplied increases by 5%. What is true of the supply of apples in this scenario. A. It is able to respond quickly to changes in price. B. It is an exception to the law of supply. C. It is inelastic. D. It is elastic. E. It is unit elastic.