You Are Told That a 5 Percent Increase in the Price

question 40

Multiple Choice

You are told that a 5 percent increase in the price of a good increases the quantity supplied by 10 percent after one month.Supply of this good is ________.This good is most likely produced using productive resources that are ________.

• A)inelastic;plentiful or easily obtained
• B)decreasing;unique or rare
• C)elastic;plentiful or easily obtained
• D)unit elastic;unique or rare
• E)elastic;unique or rare

---

Definitions:

Mining Industry

Refers to the sector involved in the extraction of minerals and other geological materials from the earth.

Consumer Culture

A societal framework where buying and consuming goods and services is a primary pursuit and indicator of social status or personal happiness.

Increasing Debt

This refers to a situation where an entity, be it an individual, company, or government, experiences a continuous rise in the amount of money owed to others.

Uneven Prosperity

Refers to a situation in which economic growth or wealth accumulation benefits certain groups, sectors, or regions more than others, leading to disparities in income and living standards.