Supply Is Elastic If

question 391

Multiple Choice

Supply is elastic if

• A) a 1 percent change in price leads to a larger percentage change in quantity supplied.
• B) a 1 percent change in price leads to a smaller percentage change in quantity supplied.
• C) the slope of the supply curve is positive.
• D) the good in question is a normal good.

---

Definitions:

Business Trip

A journey undertaken for work-related purposes, often involving travel outside the individual's regular place of employment.

Bailment

The act of temporarily placing control over or possession of personal property in the hands of another, for a specified purpose.

Tangible

Anything that can be physically touched or is material in nature.

Bailed Property

Property that has been transferred into the temporary custody of another (the bailee) with the expectation that it will be returned to the owner.