If the Price Elasticity of Supply Is Greater Than One,this

question 65

Multiple Choice

If the price elasticity of supply is greater than one,this means that the

• A) change in quantity supplied is greater than the change in price.
• B) percentage change in quantity supplied is greater than the change in price.
• C) percentage change in quantity supplied is greater than the percentage change in price.
• D) percentage change in quantity supplied is less than the percentage change in price.
• E) change in quantity supplied is less than the change in price.

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Definitions:

Innovation

The act of introducing something new or making improvements to existing products, services, methodologies, or technologies.

Widespread Diffusion

The broad and extensive spread of something, such as a technological innovation or cultural idea, across a wide area or among a large number of people.

Oligopolists

Firms or entities that are part of an oligopoly, a market dominated by a small number of large suppliers, leading to limited competition.

R&D

Research and Development; activities in connection with corporate or governmental innovation, encompassing the work towards the development of new products or procedures.