Suppose a 4 Percent Increase in Price Results in a 2

question 132

Multiple Choice

Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good.Calculate the price elasticity of supply and characterize the product.

• A)2; The product is elastic.
• B)0.2; The product is inelastic.
• C)0.5; The product is inelastic.
• D)50%; The product is inelastic.

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Definitions:

Biological Agents

Microorganisms or biologically derived substances that can cause disease or be used in biotechnology or biowarfare.

Psychological Terrorist Threat

A form of psychological warfare where threats are used to instill fear or influence behavior.

Radiological Exposure

Exposure to ionizing radiation, such as X-rays or gamma rays, that can come from medical imaging or environmental sources.

Radiation Sensing Equipment

Tools and devices used to detect and measure levels of radiation, utilized in medical, industrial, and safety applications.