If the coefficient of price elasticity of supply is greater than one, the supply is...
ECONOMICS
JAMB 2010
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
- A. perfectly elastic
- B. fairly inelastic
- C. infinitely inelastic
- D. fairly elastic
Correct Answer: D. fairly elastic
Explanation
If a price elasticity of supply is greater than 1, it means supply is relatively or fairly elastic
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