If the Price Elasticity of Supply in the Kiwi Fruit

question 105

Multiple Choice

If the price elasticity of supply in the kiwi fruit industry equals 1, supply is

• A)perfectly elastic
• B)relatively elastic
• C)unit elastic
• D)relatively inelastic
• E)perfectly inelastic

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Definitions:

Independent Variable

The variable in an experimental setup that is manipulated or changed to observe its effect on the dependent variable.

Dependent Variable

In an experiment, the variable that is being tested and measured; it is 'dependent' on the independent variable.

Control Variable

A factor that is kept constant to prevent its influence on the outcome of an experiment, ensuring that the experiment measures what it intends to.

Hypothetical Variable

A concept or variable that is not directly observable but is inferred from observed phenomena and used in theory to explain or predict behavior.