Suppose That the Price of a Money Clip Increases from $0.75

question 34

Multiple Choice

Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units.Use the midpoint formula to calculate the price elasticity of supply.

• A)1.22
• B)1.0
• C)0.82
• D)0.07

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Definitions:

Irrational Beliefs

Thoughts that lack evidence or logical reasoning, often contributing to unhealthy emotional outcomes.

Cognitive Distortion

A mental framework that consists of skewed or biased ways of thinking, often leading to negative emotions and behaviors.

Overgeneralization

A cognitive distortion where an individual draws a general rule or conclusion based on a single or limited number of events.

REBT

Rational Emotive Behavior Therapy, a form of psychotherapy that helps individuals identify irrational beliefs and patterns of thinking to develop healthier emotional responses and behaviors.