Suppose the Price Elasticity of Supply for Cheese Is 0

question 9

Multiple Choice

Suppose the price elasticity of supply for cheese is 0.6 in the short run and 1.4 in the long run. If an increase in the demand for cheese causes the price of cheese to increase by 15 percent, then the quantity supplied of cheese will increase by

• A)0.4 percent in the short run and 4.6 percent in the long run.
• B)1.7 percent in the short run and 0.7 percent in the long run.
• C)9 percent in the short run and 21 percent in the long run.
• D)25 percent in the short run and 10.7 percent in the long run.

---

Definitions:

Identification

The process through which an individual aligns themselves with specific groups, values, or characteristics.

Superego

The superego is a component of Sigmund Freud's psychoanalytic theory, acting as the ethical component of the personality by providing moral standards by which the ego operates.

Oedipus Complex

A psychoanalytic theory introduced by Freud suggesting a child's unconscious sexual desire for the opposite-sex parent and jealousy towards the same-sex parent.

Free Association

A psychoanalytic technique in which the patient verbalizes thoughts as they come to mind without censorship or selection, intended to uncover unconscious desires and conflicts.