If the price elasticity of supply is elastic, which of the following could be a possible value of the elasticity?
A) 3
B) 1
C) 0.3
D) 0

Question

Quizplus · Accepted Answer

When the price elasticity of supply is elastic, it means that the percentage change in quantity supplied is greater than the percentage change in price, resulting in an elasticity value greater than 1. Therefore, a value of 3 indicates an elastic supply.

If the Price Elasticity of Supply Is Elastic, Which of the Following