If Price Equals $5 and Supply Is P = 2Q,the

question 15

Multiple Choice

If price equals $5 and supply is P = 2Q,the price elasticity of supply is

• A) perfectly elastic.
• B) elastic.
• C) 1.
• D) inelastic.
• E) perfectly inelastic.

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Definitions:

Substantial Performance

A legal concept indicating that a party has completed the major obligations of a contract, even if minor details were not completed, often entitling that party to payment.

Breach of Contract

The inability to fulfill any clause of a contract, whether it's written or spoken, without a valid legal justification.

Damages Awarded

The monetary compensation granted to the plaintiff after a court judgment or settlement, intended to remedy harm caused by the defendant's actions.

Anticipatory Repudiation

A declaration or action by a party indicating they will not fulfill their contractual obligations, allowing the other party to terminate the contract and seek damages.