Which of the Following Is True

question 236

Multiple Choice

Which of the following is true?
I.The supply of a good is inelastic if when its price changes,the percentage change in the quantity supplied exceeds the percentage change in price.
II.Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price.
III.If demand is price elastic,a rise in price leads to a decrease in total revenue.

• A) Only I
• B) Only II
• C) Only III
• D) I and II
• E) II and III

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Definitions:

Adaptation

According to Piaget, an interaction between the organism and the environment that consists of two processes: assimilation and accommodation.

Assimilation

Assimilation in the context of cognitive development refers to the process by which individuals interpret new information or experiences in terms of their existing schemas or understanding.

Sociocultural Theory

A theory of development that emphasizes the role of social interaction and culture in shaping human cognition and behavior.

Genetics

The branch of biology that studies genes, genetic variation, and heredity in organisms, explaining how traits are passed from generation to generation.