Suppose That When Price of a Good Is $10,quantity Supplied

question 122

Multiple Choice

Suppose that when price of a good is $10,quantity supplied is 20 and when price is $6,quantity supplied is 12.The price elasticity of supply is:

• A)0.5.
• B)0.8.
• C)1.
• D)1.5.
• E)2.

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Definitions:

Limbic System

A complex system of nerves and networks in the brain, involved with instinct and mood, controlling basic emotions and drives.

Engram

An assumed electrical circuit in the brain that corresponds to a memory trace.

Serial-Position Effect

The tendency to recall more accurately the first and last items in a series.

Maintenance Rehearsal

Mental repetition of information to keep it in memory.