If the Price Elasticity of Supply Is Greater Than 1

question 238

Multiple Choice

If the price elasticity of supply is greater than 1, then:

• A) supply is price elastic.
• B) supply is price inelastic.
• C) supply is unit price elastic.
• D) quantity supplied is relatively unresponsive to price changes.

Understand the role of professional organizations in paralegal education and certification.

Distinguish between substantive and procedural law in the context of paralegal work.

Know the factors influencing the tasks and responsibilities of paralegals.

Recognize the significance of continued education and professional development for paralegals.

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Definitions:

Alleged Benefits

Claimed advantages or positive outcomes that may not have been fully verified or proven.

Voluntary Export Restriction

An agreement by a country to limit the quantity of goods exported to another country to avoid tariffs or quotas.

Import Quota

A government-imposed limit on the quantity or value of a specific commodity that can be imported into a country.

Protective Tariff

A tax imposed on imported goods to shield domestic industries from foreign competition by making imported goods more expensive.