The Price Elasticity of Supply Measures

question 86

Multiple Choice

The price elasticity of supply measures

• A) the percentage change in supply from a percentage change in demand.
• B) the extent to which the quantity supplied of a good changes when the price of a good changes, other things remaining the same.
• C) the slope of the supply curve.
• D) how the equilibrium price changes in response to a change in the equilibrium quantity supplied.
• E) Both answers B and C are correct.

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Definitions:

Cronbach's Alpha

A measure of internal consistency that assesses how closely related a set of items are as a group, often used in survey research.

Internal Consistency

A measure of the reliability of a psychological test that assesses the extent to which different test items that propose to measure the same general construct produce similar results.

Cohen's Kappa

Cohen's Kappa is a statistical measure used to assess the reliability of inter-rater agreement for qualitative (categorical) items, correcting for the chance of agreement.

Item-total Correlation

The relationship between individual item scores and the overall score across all items in a test or questionnaire.