Supply Is Elastic If

question 391

Multiple Choice

Supply is elastic if

• A) a 1 percent change in price leads to a larger percentage change in quantity supplied.
• B) a 1 percent change in price leads to a smaller percentage change in quantity supplied.
• C) the slope of the supply curve is positive.
• D) the good in question is a normal good.

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Definitions:

Compensable Factors

Elements of a job that are used to determine appropriate compensation, such as skill level, effort, responsibility, and working conditions.

Skills

Abilities and expertise that individuals possess, which enable them to perform tasks effectively.

Responsibilities

Duties or tasks that an individual or organization is expected to handle or carry out.

Point Manual

A document or guide that outlines a system for evaluating jobs or positions within an organization based on various criteria.