The Following Graph Shows the Supply Curve of a Product

question 31

Multiple Choice

The following graph shows the supply curve of a product.What is the arc price elasticity of supply of this product when its price changes from $12 to $8?

• A) 1
• B) 1.25
• C) 0.50
• D) 0.75

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Definitions:

Unobservable Mental States

Internal psychological conditions, such as thoughts, beliefs, and desires, that cannot be directly observed by others.

Consciousness

The state of being aware of one's own existence, sensations, thoughts, surroundings, and the external world.

Cognitive Process

The collection of mental activities and operations involved in processing information, including thinking, memory, and perception.

Reflex

A simple, automatic response to a specific stimulus, such as the knee-jerk reaction.