If a Large Percentage Increase in the Price of a Good

question 299

Multiple Choice

If a large percentage increase in the price of a good results in a small percentage increase in the quantity supplied of the good, supply is said to be

• A) horizontal.
• B) relatively inelastic.
• C) relatively elastic.
• D) income proof.

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Definitions:

Archie Carroll

Refers to a scholar known for his work on corporate social responsibility and the pyramid model that outlines the responsibilities of businesses.

Ethical Principles

Fundamental guidelines that dictate the conduct of individuals and organizations based on notions of right and wrong.

Disturbance Handler

A role within management responsible for addressing and solving unexpected issues or disruptions that occur within the organization.

Interpersonal Role

A set of expectations or duties one has to fulfill in relation to others within a social or work context.