Supply Is Elastic If

question 62

Multiple Choice

Supply is elastic if

• A)a small percentage change in price results in a large percentage change in quantity supplied.
• B)a large percentage change in price results in a small percentage change in quantity supplied.
• C)a small percentage change in demand results in a large percentage change in quantity supplied.
• D)the good is an inferior good.
• E)the good is a normal good.

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Definitions:

Bystander Effect

The tendency for individuals to be less likely to provide help when others are present than when they are alone.

Informational Influence

When people look to others for how to behave in ambiguous situations.

Normative Influence

When people conform to social norms for fear of negative social consequences.

Presence of Others

The phenomenon of how an individual's thoughts, feelings, and behaviors can be influenced by the physical or imagined presence of others.