If the price elasticity of supply is 0.75, it would imply that a _____.
a. a 100 percent increase in price would increase the quantity supplied by 75 percent
b. doubling of the price would increase the quantity supplied by 175 percent
c. 50 percent increase in price would increase the quantity supplied by 25 percent
d. 75 percent increase in price would increase the quantity supplied by 100 percent
e. 120 percent increase in price would increase the quantity supplied by 90 percent
Question 2
If a firm experiences economies of scale, the average total cost of production increases as output expands.
a. True
b. False
Indicate whether the statement is true or false
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