If the Price of a DVD Falls from $20 to $12

question 247

Multiple Choice

If the price of a DVD falls from $20 to $12 and the quantity of DVDs supplied decreases from 118,000 per hour to 100,000 per hour,using the midpoint formula the elasticity of supply equals

• A) 0.33.
• B) 2.94.
• C) 3.08.
• D) 0.23.
• E) -3.08.

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Definitions:

Higher-Level Consciousness

This is a state of awareness that involves focused attention and control over mental processes.

Lower-Level Consciousness

A state of minimal awareness and attention, such as that experienced during drowsiness or light sleep.

Automatic Processes

Cognitive activities that occur with little to no conscious effort or control, such as breathing or driving a familiar route.

Conscious Behaviors

Actions that individuals are aware of doing and are able to control, typically involving thought and intention.