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If the Average Price of New Homes Increased by 15

question 386

Multiple Choice

If the average price of new homes increased by 15% last year, and, as a result, home builders increased the quantity supplied of new homes by 10%, the price elasticity of supply is _____, and the supply of new homes is _____.


Definitions:

Decay

The process of gradual deterioration or the breakdown of organic matter, structures, or functions over time.

Retroactive Interference

A phenomenon where new information interferes with the ability to recall old information.

Transience

The quality or state of being transient; temporary, short-lived, or ephemeral in nature.

Neurons

Specialized cells within the nervous system that transmit information to other nerve cells, muscle, or gland cells.

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