If the Supply for a Good Is Elastic, That Means

question 228

Multiple Choice

If the supply for a good is elastic, that means that when price increases, the

• A) supply will increase.
• B) quantity supplied will decrease.
• C) quantity supplied will increase by a smaller percentage than the price increased.
• D) quantity supplied will increase by a greater percentage than the price increased.

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Definitions:

Quarterly Demand

The total quantity of a good or service that consumers are willing and able to purchase at a given price over the span of three months.

Per Capita Consumption

Measures the average amount of a good or service consumed per person within a population over a specific period.

Consumer Surplus

The discrepancy between the sum consumers intend to pay for a product or service and the sum they really pay.

Power Transmission Wire

Conductors used in power transmission systems to carry electricity over long distances from power plants to electrical substations.