Suppose that the demand curve for soybeans shifts such that the equilibrium price of soybeans decreases 58 percent. At the new equilibrium price, the quantity that soybean suppliers are willing to provide decreases by 3 percent. Which of the following most accurately describes the elasticity of supply for soybeans Elasticity of supplyRelative elasticity()
A. -0.05 Elastic
B. +0.05 Inelastic
C. +19.33 Inelastic