Suppose Quantity Supplied Increases from 16 to 24 Units

question 51

Multiple Choice

Suppose quantity supplied increases from 16 to 24 units. Using the mid-point formula, what is the percentage change in quantity supplied?

• A) −40 percent
• B) 0.4 percent
• C) 4 percent
• D) 40 percent

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Definitions:

Personality

The set of emotional, cognitive, and behavioral patterns that are stable over time and across situations, which characterizes an individual and differentiates them from others.

Life Span

A term referring to the maximum duration of life of a species, or more commonly, the length of an individual's life.

Relative Consistency

Relative consistency is the concept that an individual's behavior in different situations remains consistent over time despite varying external circumstances.

Situationism

The belief in psychology that behavior is determined more by situations and environmental factors than by personal traits or motivations.