If Output in the Calculator Market Increases by 5 Percent

question 18

Multiple Choice

If output in the calculator market increases by 5 percent when the price increases by more than 5 percent, then

• A)supply is inelastic
• B)supply is elastic
• C)a small increase in price will cause a leftward shift of the supply curve
• D)a small increase in price will cause a rightward shift of the supply curve
• E)a large increase in price will cause a large shift of the supply curve

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Definitions:

Pituitary

A small endocrine gland attached to the base of the brain; the “master” gland.

Thyroid

An endocrine gland located anteriorly at the base of the neck.

Pineal

Pertaining to the pineal gland, a small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep patterns.

Achromatic Vision

The inability to see color, resulting in perceiving the world in shades of gray.