If the Elasticity of Supply of TV Sets Is Equal

question 171

Multiple Choice

If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will

• A) increase the quantity supplied by 3.33 percent.
• B) increase the quantity supplied by 30.0 percent.
• C) increase the quantity supplied by 0.33 percent.
• D) decrease the quantity supplied by 30.0 percent.

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Definitions:

Office Supplies

Consumable items used in an office setting, such as paper, pens, and staplers, necessary for completing office tasks and operations.

Weekly Salary

A fixed amount of money paid to an employee on a weekly basis as compensation for performed work.

Utility Bill

A bill for services provided by a utility company, such as electricity, water, natural gas, or telecommunications.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the capital owned by the owners or shareholders.