Figure: Price Elasticity of Supply Refer to the figure. Compared to S₁, S₂ is more: A) elastic since quantity supplied increases more with an increase in price. B) elastic since quantity supplied increases less with an increase in price. C) inelastic since quantity supplied increases more with an increase in price. D) inelastic since quantity supplied increases less with an increase in price.

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The Answer of Figure: Price Elasticity of Supply Refer to the figure. Compared to S₁, S₂ is more: A) elastic since quantity supplied increases more with an increase in price. B) elastic since quantity supplied increases less with an increase in price. C) inelastic since quantity supplied increases more with an increase in price. D) inelastic since quantity supplied increases less with an increase in price.

Figure: Price Elasticity of Supply Refer to the Figure