Question: Which statement is correct? Select the best answer. Both price elasticity of demand and price elasticity of supply can be classified either as elastic or

Which statement is correct? Select the best answer. Both price elasticity of demand and price elasticity of supply can be classified either as elastic or as inelastic. If price elasticity of supply is greater than one, the percentage change in quantity supplied is smaller than the percentage change in price. Price elasticity might change along the supply or demand curve.

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