Which of the Following Is True

question 95

Multiple Choice

Which of the following is true?
I. The supply of a good is inelastic if when its price changes, the percentage change in the quantity supplied exceeds the percentage change in price.
Ii. Price elasticity of supply equals the percentage change in the quantity supplied divided by the percentage change in price.
Iii. If demand is price elastic, a rise in price leads to a decrease in total revenue.

• A)Only i
• B)Only ii
• C)Only iii
• D)i and ii
• E)ii and iii

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Definitions:

Living Arrangements

The configuration of a household or living situation, including the individuals who share the space and their relationship to each other.

Children

Young human beings below the age of puberty or below the legal age of majority specified by law.

Nonbiological Parenting

Parenting by individuals who are not the biological parents of a child but fulfill the roles and responsibilities of a parent.

Nonbiological Parenting

Raising a child without a genetic relation, often through adoption, step-parenting, or fostering.