If the Price Elasticity of Supply Is 2 and the Quantity

question 152

True/False

If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.

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Definitions:

Personal Gain

Advantages or benefits, often of a financial or material nature, pursued or achieved for oneself.

Corporate Gain

The increase in value or wealth of a business entity, typically measured in financial terms and often pursued through various strategies and operations.

Profit Motive

The incentive or drive to achieve financial gain or profit through business activities or investment.

Unsafe Products

Goods that pose potential risks to consumers due to manufacturing defects, design faults, or the lack of proper warnings and instructions.