If a 40% Change in Price Results in a 25

question 35

Multiple Choice

If a 40% change in price results in a 25% change in quantity supplied,then the price elasticity of supply is about

• A)0.63,and supply is elastic.
• B)0.63,and supply is inelastic.
• C)1.60,and supply is elastic.
• D)1.60,and supply is inelastic.

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Definitions:

Sales Message

A message intended to influence or educate prospective customers regarding a service or product.

Quick Action

Prompt response or decision-making in a timely manner.

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Social events typically organized by bars, clubs, or other venues to cater to individuals who are single, facilitating opportunities for meeting potential romantic partners.

Variable

An element, feature, or factor that is likely to vary or change; it is a concept used in mathematical functions and statistical analysis.