If the Percentage Increase in the Quantity Supplied Is Smaller

question 163

Multiple Choice

If the percentage increase in the quantity supplied is smaller than the percentage increase in the price, the supply:

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

---

Definitions:

Joint Tenancy

A form of legal co-ownership of property where co-owners have an equal share and the right of survivorship, meaning that upon the death of one owner, their share automatically passes to the remaining co-owners.

Right-Of-Way Easement

A legal right granted to a person or entity to pass through another's land for a specified purpose.

Solar Easement

A legal agreement that ensures uninterrupted access to sunlight for solar energy systems, often through a property owner's rights to protect against obstructions that would shade their solar collectors.

Historic Preservation Easement

A legal agreement that protects a property's historical features by restricting certain changes, ensuring its preservation for future generations.