Suppose the Price Elasticity of Supply for Soccer Balls Is

question 63

Multiple Choice

Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run.If an increase in the demand for soccer balls causes the price of soccer balls to increase by 20%,then the quantity supplied of soccer balls will increase by about

• A)0.67% in the short run and 0.17% in the long run.
• B)3% in the short run and 1.2% in the long run.
• C)6% in the short run and 24% in the long run.
• D)66.7% in the short run and 16.7% in the long run.

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Definitions:

Synapse

The junction between two neurons, which allows for the transmission of electrical or chemical signals.

Myelin

A fatty substance that encases and insulates nerve fibers, speeding up electrical communication between neurons.

Neural Impulse

An electrical signal that transmits information along a neuron, enabling communication within the nervous system.

Neurotransmitters

Chemical substances in the body that transmit nerve impulses across a synapse from one nerve cell to another.