(Solved by Humans)-Which of the following statements is true? a) The supply curve

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Academic Level: Undergrad. (yrs 3-4)

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Question

Which of the following statements is true?

a) The supply curve shows what customers would like supplied at each and every price

b) If a price increase of 5% increases the quantity supplied by 2% the price elasticity of supply is -0.4

c) A reduction in price shifts the supply curve to the right

d) If the price elasticity of supply is +0.2 then supply is price inelastic

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