4. Elasticity
Price Elasticity of Supply
Multiple Choice
Multiple ChoiceIf a decline in the price of flags $9 to $7, caused by a shift in the demand curve, decreases the quantity of flags supplied from 5,500 to 4,500, the:
A
Demand for flags is elastic
B
Supply of flags is elastic
C
Demand for flags is inelastic
D
Supply of flags is inelastic
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