If a Rise in the Price of Good a from $9

question 18

Multiple Choice

If a rise in the price of good A from $9 to $11 results in an increase from 9,500 to 10,500 units supplied, then

• A)supply is elastic.
• B)supply is inelastic.
• C)supply is unit elastic.
• D)demand is elastic.
• E)supply is perfectly inelastic.

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Definitions:

Damages

Monetary compensation awarded by a court to a plaintiff for losses or injuries suffered as a result of another’s actions.

Contract

A contract is a legally binding agreement between two or more parties that outlines obligations and benefits for the parties involved.

Remedy

Legal means or measures available to a party to enforce a right or redress a harm.

Misrepresentation

The act of providing false or misleading information about a material fact, intentionally or negligently, causing someone to enter into a contract.