An Elasticity of Supply of 2.7 Means That

question 6

Multiple Choice

An elasticity of supply of 2.7 means that:

• A) supply is inelastic.
• B) quantity supplied changes 2.7 units for each 1 percent change in price.
• C) quantity supplied changes 2.7 percent for each 1 percent change in price.
• D) price changes by 2.7 percent for each 1 percent change in quantity supplied.

---

Definitions:

Income Taxes

Mandatory financial charges imposed by governments on individuals' or organizations' earned income, used to fund public services and governmental operations.

Safety Net

A set of government programs designed to protect individuals from economic hardship.

Poor And Middle-Class

Terms that classify individuals or households based on their economic status, income levels, and ability to access resources.

Harmful Indirect

Referring to unintentional negative effects on the environment or health that are not a direct result of an action but occur as secondary consequences.