If a 5 Percent Increase in the Price Results in a 9

question 168

Multiple Choice

If a 5 percent increase in the price results in a 9 percent increase in quantity supplied, the elasticity of supply is

• A) 0.30.
• B) 0.55.
• C) 1.20.
• D) 1.80.

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Definitions:

Openness to Change

The willingness to modify one’s behavior, attitudes, or beliefs in response to new information or experiences.

Conservatism

A political and social philosophy promoting traditional institutions and practices, emphasizing stability, and often resisting rapid changes in society.

Self-Transcendence

A trait dealing with the expansion of personal boundaries, including experiencing spiritual aspects and unifying with other people and the world.

Self-Enhancement

The motivation or tendency to view oneself favorably and to seek positive feedback, often by emphasizing one’s strengths and minimizing weaknesses.