Concept:Price elasticity of supply measures how quantity supplied responds to price changes.Explanation:The coefficient of price elasticity of supply is given as 0.8.Since 0.8<1, supply is inelastic.A value between 0 and 1 means quantity supplied changes proportionately less than price.It is not equal to 0, so supply is not perfectly inelastic.It is not equal to infinity, so supply is not perfectly elastic.Therefore, supply is fairly inelastic.Answer:B. fairly inelastic.