If the Quantity Supplied Increases by 8 Percent When the Price

question 144

Multiple Choice

If the quantity supplied increases by 8 percent when the price rises by 2 percent,the price elasticity of supply is ________ .

• A) 10.0
• B) 6.0
• C) 0.25
• D) 16.0
• E) 4.0

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Definitions:

Main Idea

The central or most important concept, point, or message that an author or speaker intends to convey.

Justification

The reasoning behind an action or statement that explains why it is reasonable or necessary.

Demanding Tone

A manner of speaking or writing that expresses a firm expectation that instructions will be followed or needs will be met.

Compliance

The act of adhering to guidelines, standards, or laws that are set by governments or other regulatory bodies.