If an Increase in the Supply of a Product Results

question 59

Multiple Choice

If an increase in the supply of a product results in a decrease in the price,but no change in the actual quantity of the product exchanged,then the:

• A) price elasticity of supply is zero.
• B) price elasticity of supply is infinite.
• C) price elasticity of demand is unitary.
• D) price elasticity of demand is zero.

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Definitions:

Property Rights

Legal rights to own, use, and dispose of assets including both tangible and intangible properties.

Violate

To break or fail to comply with a rule, law, agreement, or principle.

Subsurface Rights

Legal rights to use and exploit the area beneath the surface of a piece of land, including the rights to extract minerals, oil, and gas.

Pass Title

The transfer of ownership rights of a property or asset from one party to another, typically through a legal document or deed.