If a Tripling of Price Triples the Quantity of a Good

question 229

Multiple Choice

If a tripling of price triples the quantity of a good supplied, the price elasticity of supply is

• A)3
• B)300
• C)1
• D)-1
• E)-3

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Definitions:

Assets

Assets of economic worth owned or managed by a person, company, or nation, anticipated to bring future advantages.

Statistical Discrepancy

The difference between two sets of numbers or data points that are expected to be in agreement but are not, due to errors or variances.

Balance of Payments

A financial statement that summarizes a country's transactions with the rest of the world, including trade, investments, and monetary movements, over a specific time period.

Foreign Exchange Market

A global marketplace for trading national currencies against one another.