Short-run price elasticity of the supply of gasoline

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Reference no: EM13734240

Suppose that the short-run price elasticity of the supply of gasoline is 1.6. If the price falls by 5%, the quantity supplied will change by _________.

Select one:

a. -8%,

b. + 8%,

c. – 3.2%

d. + 3.2%.

Reference no: EM13734240

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