If Price Elasticity of Supply Is Greater Than 1, It

question 14

Multiple Choice

If price elasticity of supply is greater than 1, it means that the percentage change in quantity supplied is

• A)less than the percentage change in price.
• B)greater than the absolute change in price.
• C)greater than the percentage change in price.
• D)equal to the absolute change in price.

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Definitions:

Urban Areas

Densely populated regions that are characterized by significant built environment and infrastructure, including cities and towns.

Developing World

Nations with a lower living standard, undeveloped industrial base, and low Human Development Index relative to other countries.

Developed World

Countries that have a high level of economic development, characterized by significant industrialization, infrastructure, and a high standard of living.

Global North

A term used to refer to the wealthier, industrialized countries located primarily in the Northern Hemisphere, contrasted with the less-developed Global South.