If the Price Elasticity of Supply Is Equal to 1

question 314

Multiple Choice

If the price elasticity of supply is equal to 1, we would say the supply of the item is

• A) unit elastic.
• B) inelastic.
• C) elastic.
• D) perfectly elastic.

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Definitions:

Production Filling

A process in manufacturing that involves the controlled dispensation of products, often liquids, into containers.

Sample Mean

The average of a subset of a population, used to estimate the population mean.

Historical Standard Deviation

A measure of the amount of variation or dispersion of a set of historical data points, indicating how much the data points diverge from the historical mean.

Standardized Test

A test that is administered and scored in a consistent manner to ensure legal defensibility and fairness in measuring educational or cognitive abilities.