Supply Is Unit Elastic When the

question 16

Multiple Choice

Supply is unit elastic when the

• A) percentage change in the quantity supplied equals the percentage change in price.
• B) supply curve is upward sloping.
• C) supply curve is horizontal.
• D) supply curve is vertical.
• E) price elasticity of supply is positive.

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Definitions:

Walsh-Healy Public Contracts Act

A law that requires minimum wage, overtime pay, and safety and health standards for workers on federal contracts.

Prevailing Local Wage Rates

The average wage paid to workers in a specific area or industry, often used as a benchmark for setting wages.

General Contractors

Companies or individuals tasked with the overall responsibility for the execution, supervision, and completion of construction projects, managing subcontractors and materials.

Fair Labor Standards Act

A federal law in the United States that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for full-time and part-time workers.