The supply of product X is elastic if the price of X rises by

A) 5 percent and quantity supplied rises by 7 percent.
B) 8 percent and quantity supplied rises by 8 percent.
C) 10 percent and quantity supplied remains the same.
D) 7 percent and quantity supplied rises by 5 percent.

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly when its price changes.

Quantity Supplied

The amount of a commodity that producers are willing to sell at a particular price over a specified period.

Price Rise

An increase in the cost of goods or services over a period of time, often measured by inflation rates.