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:

Failure To File Penalty

A penalty imposed by tax authorities for not filing a required tax return by the due date.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a taxing authority.

Remaining Tax

The portion of tax liability that remains unpaid after all payments and credits have been applied, effectively the balance due.

Multiple Support Agreement

An agreement that allows multiple taxpayers who support a dependent together to decide who among them gets to claim the tax benefits for that dependent.