When the Price of Perfume Changes from $24 to $26

question 62

Multiple Choice

When the price of perfume changes from $24 to $26, the quantity supplied increases from 100 jars to 150 jars. What is the elasticity of supply of perfume?

• A) 0.04
• B) 25.0
• C) 5.0
• D) 0.2

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Definitions:

Final Offer Arbitration

A form of arbitration where the arbitrator must choose one of the final offers presented by the parties involved, with no modifications.

Arbitrator

An independent person or body officially appointed to settle a dispute, often chosen by the parties involved for their expertise in a specific area.

Settlement Terms

Conditions that are agreed upon by parties to resolve a dispute or a lawsuit, often involving compromises or payments.

Bargaining Obligation

The legal responsibility of employers and unions to negotiate in good faith over terms and conditions of employment, including wages, hours, and working conditions.