Product X has a price elasticity of supply (PES) of +2, whereas product Y has a PES of +0.2. Which statement about products X and Y is correct?
- AX has more substitutes than Y.
- BA 20% price fall would lead to a greater decrease in production of Y than of X.
- CAfter a price rise, it is more difficult to increase Y’s output than X’s.
- DAfter a price fall of 10%, more people would buy X than would buy Y.