Consider that the price elasticity of supply for a good is 1.2 and the absolute value of the price elasticity of demand is 1.7. Which of the following is true in this case?
a) The demand for the good is more elastic than the supply.
b) The supply for the good is more elastic than the demand.
c) Both supply and demand are equally elastic.
d) The elasticity of demand and supply cannot be compared.
