If the Quantity of Picture Frames Supplied Increases 15 Percent

question 172

Multiple Choice

If the quantity of picture frames supplied increases 15 percent when the price goes up 20 percent, the elasticity of supply is:

• A) 15.
• B) 20.
• C) 1.33.
• D) 0.75.

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Definitions:

Magma

Molten rock, which may or may not contain some crystals, solidified rock, and gas.

Hydrothermal Rock

Rock formed from the alteration of pre-existing rock by mineral-rich hot water.

Sedimentary Rock

Rock resulting from the consolidation of sediment.

Igneous Rock

A type of rock that forms from the cooling and solidification of magma or lava.