If a Tripling of Price Triples the Quantity of a Good

question 15

Multiple Choice

If a tripling of price triples the quantity of a good supplied, the price elasticity of supply for this good is:

• A) 3.
• B) 300.
• C) 1.
• D) − 1.

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Definitions:

Blindsight

A condition in which individuals can respond to visual stimuli without consciously perceiving them, typically after brain damage.

Conscious Experience

The awareness of one's own thoughts, feelings, and perceptions in the present moment.

Cortical Structures

The parts of the brain involved in higher brain functions, including sensation, voluntary muscle movement, thought, reasoning, and memory.

Reticular Activating System

A network of neurons located in the brainstem that regulates wakefulness, sleep-wake transitions, and attentional processes.