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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
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Correct Answer: Option D
Explanation

If a price elasticity of supply is greater than 1, it means supply is relatively or fairly elastic

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts