The Price Elasticity of Supply Refers To

question 66

Multiple Choice

The price elasticity of supply refers to:

• A) a change in the supply of one good when prices in the economy change.
• B) the substitution of one productive activity for another based on price changes that favor the production of certain goods.
• C) the responsiveness of suppliers to changes in economic variables, except price.
• D) the percentage change in the quantity supplied of one good resulting from a 1-percent increase in the price of that good.

---

Definitions:

Tablets

Portable computing devices featuring a touchscreen interface, larger than smartphones, used for browsing the internet, reading, gaming, and other applications.

Misrepresenting Numbers

The act of presenting data or statistics in a way that inaccurately or deceitfully alters the perceived meaning or significance.

Exaggerating

The act of making something seem larger, more important, or more serious than it actually is, often for effect or emphasis.

Omitting

The act of leaving out or excluding something, either intentionally or accidentally.