Question: Supply elasticity = 2, what does that mean? Choose between a,b,c and d and explain why! a. if the price goes up by $ 20

Supply elasticity = 2, what does that mean?

Choose between a,b,c and d and explain why!

a. if the price goes up by $ 20 then the offer goes up by $ 10
b. if the price drops 20%, then the offer decreases by 20%
c. if the offer goes down 2x, the price goes up 2x
d. if the price drops by 10%, the offer decreases by 20%

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