When Price Rises from $1

question 67

Multiple Choice

When price rises from $1.50 to $2.50, quantity supplied increases from 9,000 to 11,000 units. What is the price elasticity of supply?

• A)0.4
• B)0.8
• C)2.5
• D)4.0
• E)-0.4

Recognize the impact of historical events, like the Black Plague, on economic structures and production capabilities.

Identify how technological progress and legal system improvements affect economic growth and the production possibilities curve.

Analyze the role of entrepreneurs in economic development and the process of creative destruction.

Understand the significance of private property rights and their enforcement in promoting economic efficiency and responsibility.

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Definitions:

Queuing

The process of lining up in sequence for services or resources, often managed to ensure order and efficiency.

Chunking

A strategy of breaking down information into smaller, more manageable units to improve understanding and memory retention.

Modifier

A word, phrase, or clause that qualifies or describes another word, phrase, or clause within a sentence to provide additional detail.

Supervisor's Advice

Guidance or recommendations provided by a superior or leader in a workplace, intended to aid an employee's performance or decisions.