If a Small Percentage Decrease in the Price of Chocolate

question 9

Multiple Choice

If a small percentage decrease in the price of chocolate causes a larger percentage decrease in the quantity supplied, the

• A) demand for chocolate is elastic.
• B) supply of chocolate is elastic.
• C) demand for chocolate is inelastic.
• D) supply of chocolate is inelastic.

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Definitions:

Navigation Acts

were a series of laws passed by the English Parliament in the 17th century that regulated trade between England and its colonies, primarily intended to strengthen the British economy by restricting colonial trade to English ships.

Mercantilist Regulations

Economic policies and theories from the 16th to 18th centuries focusing on a nation's wealth accumulation through trade balance control, often through protective tariffs and government regulation of commerce.

Covenant Chain

Alliance formed in the 1670s between the English and the Iroquois nations.

Iroquois Confederacy

A coalition of Native American tribes primarily located in what is now New York State, historically known for their political union and influence.