If the Price of Timber Increased by 10 Per Cent

question 58

Multiple Choice

If the price of timber increased by 10 per cent and the quantity supplied increased by 20 per cent. Then the supply of timber is

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

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Definitions:

Collectivist Cultures

Societies that prioritize the group over the individual, emphasizing interdependence, cooperation, and social harmony.

India

A country in South Asia, known for its diverse culture, history, and as the second-most populous country in the world.

Familiarity Effect

The tendency to develop a preference for things merely because they are familiar.

Repeated

Occurring or done again and again, often to achieve a particular effect or to reinforce a concept or skill.