If the Quantity Supplied of a Good Responds Strongly to a Change

question 102

Multiple Choice

If the quantity supplied of a good responds strongly to a change in the price of an input:

• A)the price elasticity of demand is inelastic
• B)the income elasticity of supply is inelastic
• C)the income elasticity of supply is elastic
• D)the price elasticity of supply is elastic

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Definitions:

Blended Family

A family unit formed by the merging of two previous families into one, typically involving parents who have remarried and their children from previous relationships.

Single-father Household

A family unit where a male caregiver raises children without the presence of a female partner or spouse.

Extended Families

Family units that extend beyond the nuclear family, including grandparents, cousins, aunts, and uncles among others.

Non-Western

Refers to cultures, practices, and societies outside of the Western world, often emphasizing diversity in cultural experiences.