Supply Is Very Elastic When

question 91

Multiple Choice

Supply is very elastic when

• A)The quantity supplied does not change much when price rises.
• B)The quantity supplied has a large increase in response to an increase in price.
• C)The quantity supply does not respond to an increase in price.

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Definitions:

Filtering

Filtering is the process of selectively focusing on certain information while ignoring other stimuli, often used in processing auditory information or in information theory.

Acoustic Encoding

The process of remembering and understanding something you hear.

Rehearsal

The cognitive process of repeatedly practicing or going over information to aid in memory retention.

Sensory Memory

A type of memory that holds sensory information for a few seconds or less after an item is perceived.