At a Price of $4 Per Unit, Gadgets Inc

question 144

Multiple Choice

At a price of $4 per unit, Gadgets Inc.is willing to supply 20,000 gadgets, while United Gadgets is willing to supply 10,000 gadgets.If the price were to rise to $8 per unit, their respective quantities supplied would rise to 45,000 and 25,000.If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?

• A)1.2
• B)1.0
• C).833
• D).80

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Definitions:

Well-developed Soils

Soils that have undergone extensive formation processes, exhibiting strong structural characteristics and distinct horizons or layers.

Unweathered Lava

Refers to lava that has been recently erupted and has not been altered by weathering processes.

Ash Blanketing

Ash blanketing refers to the deposition of volcanic ash over the surface during a volcanic eruption, which can cover areas in a dense layer of ash impacting environments and human activities.

Scoria Cone

A small, steep-sided volcanic cone built of loose, fragmented cinder-like material, typically basaltic in composition.