A 5 Percent Increase in the Price of Corn Flour

question 47

Multiple Choice

A 5 percent increase in the price of corn flour that results in a 15 percent increase in the quantity supplied yields a price elasticity of supply for corn flour of:

• A) 2.0.
• B) 2.5.
• C) 3.0.
• D) 3.5.

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Definitions:

Avoid Obligations

Acts or strategies aimed at legally bypassing or evading responsibilities, duties, or liabilities one is bound to.

United Nations Convention

An international treaty formed under the auspices of the United Nations, aimed at addressing global issues through mutual agreement among member states.

International Sale Of Goods

The sale transaction of goods between parties located in different countries, governed by various international laws and conventions.

Consequential Damages

Indirect losses or damages that result from a breach of contract, beyond the immediate harm.