If a Large Percentage Increase in the Price of a Good

question 299

Multiple Choice

If a large percentage increase in the price of a good results in a small percentage increase in the quantity supplied of the good, supply is said to be

• A) horizontal.
• B) relatively inelastic.
• C) relatively elastic.
• D) income proof.

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Definitions:

Sternum

The long, flat bone located in the center of the chest which connects to the ribs via cartilage to form the front part of the rib cage, providing protection to the chest organs.

Pelvis

The lower part of the torso, located between the abdomen and the thighs, consisting of several bones including the hip bones, sacrum, and coccyx.

Serous Membrane

A thin layer of tissue that covers internal body cavities and secretes a lubricating fluid to reduce friction from muscle movement.

Thoracic Cavity

A central compartment of the chest that houses the lungs, heart, and other vital organs.