If the Price Elasticity of Supply Is Greater Than 1

question 168

Essay

If the price elasticity of supply is greater than 1, then:
A.supply is price-elastic.
B.supply is price-inelastic.
C.supply is price unit-elastic.
D.the quantity supplied is relatively unresponsive to price changes.

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Definitions:

Punctual

Being on time or doing something at the agreed or proper time.

Overt Goal

An openly stated or visible objective that an individual or group aims to achieve.

Behavior Change

A psychological strategy or therapy focused on altering individuals' behaviors, attitudes, or reactions to improve their well-being or performance.

Contingency Contract

A formal agreement between two parties that specifies actions and consequences based on certain conditions or behaviors.