The Greater the Amount of Time That Passes After a Price

question 193

Multiple Choice

The greater the amount of time that passes after a price change,the

• A) less elastic supply becomes.
• B) more elastic supply becomes.
• C) more negative supply becomes.
• D) steeper the supply curve becomes.
• E) None of the above answers is correct.

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Definitions:

Metric

A standard of measurement used to quantify results, performance, or behaviors in various contexts, including business, science, and everyday activities.

Calculation

The process of determining something by mathematical or logical methods.

Ratio

A quantitative relationship between two numbers, showing how many times one value contains or is contained within the other.

Equivalent Sales Increase

A metric that assesses additional revenue by comparing the effects of various marketing or operational initiatives as if they were translated directly into sales.