If the Price of Shirts Increases 10 Percent and the Quantity

question 2

Multiple Choice

If the price of shirts increases 10 percent and the quantity supplied of shirts increases 5 percent, then the elasticity of supply of shirts is:

• A) Unitary elastic
• B) Elastic
• C) Inelastic
• D) Not enough information to know

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Definitions:

Geographically Concentrated

Refers to businesses, populations, or industries that are heavily localized within a specific area or region.

B₂B Buying

The process by which one business purchases goods or services from another business for use in production, resale, or general business operations.

B₂C Buying

The purchasing process in which businesses sell products or services directly to consumers, typically through retail or online channels.

B₂B Purchasing Process

The sequence of steps a business goes through to purchase goods or services from another business, often involving complex decision-making and multiple stakeholders.