If a Tripling of Price Triples the Quantity of a Good

question 228

Multiple Choice

If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:

• A) 3.
• B) 300.
• C) 1.
• D) −1.
• E) −3.

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Definitions:

Mentally Combine

The cognitive ability to merge different concepts, ideas, or pieces of information in the mind to form new knowledge or understanding.

Transform Objects

The act or process of changing the form, appearance, or function of objects, often through creative or imaginative efforts.

Crystallized Intelligence

Represents the facet of intelligence involving the ability to use learned knowledge and experience.

Capital

The wealth, whether in money or assets, that is used or invested to generate more wealth.