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.

Learn how to formulate and differentiate between null, alternative, research, and implied hypotheses.

Grasp the concept of sampling and generalization from sample to population.

Develop the ability to identify and formulate research questions and hypotheses.

Know the differences between directional and nondirectional hypotheses and tests.

---

Definitions:

Defective Products

Items produced that do not meet the quality standards set by the company or industry, resulting in waste or rework.

Services

Intangible economic activities provided to satisfy the needs or wants of consumers, such as healthcare, education, and financial advice.

Design Specifications

Detailed descriptions of the materials, parts, and components necessary to create a product, including the requirements for manufacturing, service, and quality.

Customers' Expectations

The perceived value or quality of service or product that customers believe they will receive from a business.