Price Elasticity of Supply Will Always Be a Positive Number

question 367

True/False

Price elasticity of supply will always be a positive number.

---

Definitions:

Measured Variable

A specific quantity or condition that is monitored and measured in a process, such as temperature, pressure, or flow rate.

Set Point

The desired or target value for a controlled variable in a control system, against which actual values are compared to determine the need for corrective action.

Proportioning Action

A control method where the output is adjusted in proportion to the difference between the actual value and a setpoint.

Proportional Band

A control parameter in PID controllers that determines the range of proportional action surrounding a setpoint for maintaining system stability.