If an Increase in the Supply of a Product in the Market

question 178

Multiple Choice

If an increase in the supply of a product in the market results in a decrease in price, but no change in the quantity traded, then

• A)the price elasticity of supply is zero.
• B)the price elasticity of supply is infinite.
• C)the price elasticity of demand is unitary.
• D)the price elasticity of demand is zero.

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Definitions:

Bona Fide

Genuine; real; without intention to deceive or any fraud involved.

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Policies or measures implemented to ensure equal opportunities by requiring a certain percentage of minorities or women in hiring or admissions.

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