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According to the law of supply, what happens to quantity supplied as price increases?
In a market, the price of a commodity increases by 25% and the quantity supplied increases by 10%. What is the elasticity of supply and is it elastic or inelastic?
What is a likely market implication if the supply of a product is inelastic and the price increases significantly?
If the price of ice cream increases from \$5 to \$7 and the quantity supplied increases from 50,000 to 70,000 tubs, what is the price elasticity of supply?
If the price of a good increases from \$20 to \$30 and the quantity supplied increases from 200 to 300 units, what is the percentage change in price using the midpoint method?
Which of the following is the first step in calculating price elasticity of supply using the midpoint method?
What does the price elasticity of supply measure?
A product has a price elasticity of supply of 0.8. How would you classify the supply of this product?
In a market, the price of a commodity decreases by 15% and the quantity supplied decreases by 5%. What is the elasticity of supply and is it elastic or inelastic?
What principle ensures that the price elasticity of supply is always positive?