If a 5 Per Cent Change in the Price of a Good

question 85

Multiple Choice

If a 5 per cent change in the price of a good leads to a 10 per cent change in the quantity supplied, then the supply of the good is _______ and the elasticity of supply is _______.

• A) inelastic; 0.5
• B) elastic; 2.0
• C) elastic; 0.5
• D) inelastic; 2.0

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Definitions:

Deviance

Deviance refers to behaviors or actions that violate societal norms or expectations, which can range from minor infractions to significant criminal acts, depending on cultural or contextual standards.

Egotistic Suicide

A term coined by sociologist Émile Durkheim to describe a type of suicide that occurs when individuals feel detached from the social groups to which they belong.

Elderly Person

An individual typically defined as being of an older age, often retirement age or older, who has experienced significant life events and aging.

Poverty

A state of economic deprivation, lacking sufficient income to meet basic needs such as food, shelter, and healthcare.