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:

Misrepresentation

The act of providing false or misleading statements that induce someone to enter into a contract.

Fraudulent

Involving deceit, trickery, or breach of confidence, intended to gain an unfair or unlawful advantage.

Tort Of Deceit

A legal wrong involving the intentional misrepresentation of fact, with the aim of making someone rely on it to their detriment.

Non Est Factum

“It is not my act”—grounds for a court to declare a contract void because a party is unaware of the nature of the contract.