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

Question

Quizplus · Accepted Answer

The price elasticity of supply is considered inelastic when its value is less than 1, meaning that the quantity supplied responds relatively little to a change in price. Among the options, 0.3 (C) is the only value less than 1, indicating inelastic supply.

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