Question: In words, what does it mean when an economic consultant states: Caf Ana's elasticity of supply of fine meals is equal to +3? Select one:

In words, what does it mean when an economic consultant states: Caf Ana's elasticity of supply of fine meals is equal to +3?

Select one:

a.If Caf Ana's quantity supplied of fine meals increases by 1 percent, then their price increases by 3 percent.

b.If the market price increases by 3 percent, then Caf Ana's quantity supplied of fine meals will increase by 1 percent.

c.If Caf Ana's quantity supplied of fine meals increases 3 percent, then their price will increase by 1 percent.

d.If the market price increases by 1 percent, then Caf Ana's quantity supplied of fine meals will increase by 3 percent.

Clear my choice

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