Question

Price elasticity of supply of a good is 3. It indicates that : *

1 point

A) Price rides by 1% Supply rises by 3%

B) Supply rises by 1% Price rises by 3%

C) Price rises by 3% supply falls by 1 %

D) Price rises by 1%, supply falls by 3%.​

Answer 1

Answer:

price rises by 3% supply falls by 1%