Assume That a Firm Makes Available 50 More Units of a Good

question 167

Multiple Choice

Assume that a firm makes available 50 more units of a good at a price of $2 than it made available when the price was $1.What is the price elasticity of supply?

• A)It cannot be determined from the information given.
• B).02
• C)25
• D)50
• E).04

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Definitions:

Customer Deposits

Funds placed by customers with a company, often in the context of financial services, which may be used for further transactions or withdrawn later.

Maximize Profits

The objective of optimizing the difference between total revenues and total costs to achieve the highest possible financial gain.

Board of Governors

A leading body of a central banking system, such as the Federal Reserve in the United States, responsible for overseeing the bank's policies and operations.

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A term referring to individuals who have been selected and assigned roles or positions, often within a governmental or organizational setting, without requiring an election or competitive selection process.