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

Understand common errors that can occur in VBA code and how to troubleshoot them.

Describe the use of controls on reports for descriptive purposes.

Grasp the basics of adding conditional logic to VBA code.

Know the process of establishing trust for a database or folder to manage security warnings.

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Definitions:

Allocative Efficiency

A state of the economy in which production represents consumer preferences; in other words, every good or service is produced up to the point where the last unit provides a utility equal to its cost of production.

Technological Advance

The progress or development in technology, leading to new products, processes, or systems.

Preferred Mix

The optimal combination or assortment of goods, services, investments, or resources desired by an individual, firm, or economy.

Inverted-U Theory

A concept suggesting that there is an optimum level of a variable, beyond which its effect begins to decline or become negative, often applied to the relationship between income inequality and economic development.