Assume That a Firm Makes Available 50 More Units of a Good

question 16

Multiple Choice

Assume that a firm makes available 50 more units of a good at a price of $2 than it made available when the price was $1. What is the price elasticity of supply?

• A)It cannot be determined from the information given.
• B)0.25
• C)25
• D)50
• E)0.04

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Definitions:

First-Assignment-In-Time Rule

A rule which states that the first party granted an assignment is the party correctly entitled to the contractual right.

English Rule

A rule which states that the first assignee to give notice of assignment to the obligor is the party with rights to the contract.

American Rule

The American Rule is a legal principle stating that each party in a lawsuit is responsible for paying their own attorney's fees, unless specific authority granted by statute or contract allows the prevailing party to recover those fees from the loser.

Delegation of Duties

The process of assigning specific responsibilities or tasks to another individual, often within an organizational setting.