If the Price Elasticity of Supply Is 0

question 148

Multiple Choice

If the price elasticity of supply is 0.7, and a price increase led to a 4.2 percent increase in quantity supplied, then the price increase is about

• A)0.17 percent.
• B)2.94 percent.
• C)6.00 percent.
• D)5.00 percent.

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Definitions:

Human Behavior

The array of every physical action and observable emotion associated with individuals, as well as the human race as a whole.

External Influences

Factors outside an individual that affect their behavior, decisions, and attitudes, such as societal norms or environmental conditions.

Negative Punishment

A behavior modification method that involves removing a desirable stimulus to decrease the probability of an undesired behavior occurring.

Driver's License

An official document permitting a specific individual to operate one or more types of motorized vehicles on a public road.