A Marketing Student Observes That When the Price of Ice

question 24

Multiple Choice

A marketing student observes that when the price of ice cream rises by 10 percent, the quantity of ice cream a supplier is willing to sell rises by 5 percent. The student correctly concludes that the elasticity of supply for ice cream is:

• A) .2.
• B) .5.
• C) 2.
• D) 5.

---

Definitions:

Doctoral Degree

The highest level of academic degree, awarded after completing extensive research in a specific field of study.

Cognition

Gaining insights and knowledge through the process of thinking, feeling through experiences, and sensory experiences.

Engineering

The application of scientific, mathematical, and practical knowledge to invent, design, build, maintain, and improve structures, machines, devices, systems, and processes.

Information Searches

The process of seeking out information and data to make informed decisions or solve problems.