The Price Elasticity of Supply Is Always a Positive Value

question 243

Multiple Choice

The price elasticity of supply is always a positive value because i. there is a direct relationship between the price and the quantity supplied.
Ii. as the equilibrium price increases, the equilibrium quantity also always increases.
Iii. buyers are willing to pay a higher price for larger quantities.

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

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Definitions:

Pacinian Corpuscles

Specialized nerve endings located in the skin and viscera that detect mechanical changes and vibrations, contributing to the sense of touch and proprioception.

Sense of Smell

The ability to detect and identify odors through the olfactory system, which involves olfactory neurons that are sensitive to volatile compounds in the air.

Olfaction

The sense of smell, a complex chemical sensing system that is essential for detecting odors in the environment.

Skin Senses

The sensations of touch, pressure, temperature, and pain.