If, for a Given Percentage Decrease in Price, Quantity Supplied

question 118

Multiple Choice

If, for a given percentage decrease in price, quantity supplied decreases by a proportionately smaller percentage, then supply is

• A)unit elastic.
• B)perfectly elastic.
• C)inelastic.
• D)elastic.

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Definitions:

Foreign Assets

Assets such as securities, currencies, and commodities held by a country or individual in foreign countries.

Foreign Goods

Products and services that are produced abroad and imported for domestic consumption.

Country A's Exports

Goods and services produced domestically in Country A and sold to buyers in other countries.

Net Exports

The value of a country's total exports minus the value of its total imports; it's a measure used to calculate the trade balance of a country.