When Economists Say the Price Elasticity of Supply Is Elastic

question 200

Multiple Choice

When economists say the price elasticity of supply is elastic, they mean that

• A) suppliers are willing to produce much larger amounts of their good.
• B) suppliers are willing to produce only a small amount more of their good.
• C) consumers are willing to purchase much larger quantities of the good.
• D) the change in quantity supplied is relatively small compared to the change in price.

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Definitions:

Destructively Obedient

Following orders without moral consideration, leading to harmful actions that the individual might not ordinarily commit.

Legitimate Authority Figures

Individuals who are recognized and respected for having lawful or moral power and control within a given context.

Electric Shocks

A sudden discharge of electrical energy through a part of the body, often used for medical therapy or as a laboratory method of study.

Obedience Studies

Research exploring the extent to which individuals comply with the commands of an authority figure, famously exemplified by Stanley Milgram's experiments.