alleryMatch PES tiers: 1. Over 1: p. Elastic 2. Under 1: q. Inelast 3. Unit: r. Equal 1
A1-p, 2-q, 3-r
B1-p, 2-r, 3-q
C1-q, 2-p, 3-r
D1-r, 2-p, 3-q
Answer & Solution
Correct answer: A. 1-p, 2-q, 3-r
Price elasticity of supply is elastic when greater than one and inelastic when less than one.
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