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:

Vested Property Right

A right concerning property ownership that is fully guaranteed and cannot be taken away without due process.

Certificate of Limited Partnership

A legal document that formalizes the establishment of a limited partnership in accordance with state laws.

Secretary of State's Office

The office responsible for a range of duties including managing state records, overseeing elections, and handling business registrations depending on the country or state.

Tenancy in Partnership

Tenancy in partnership describes a legal arrangement where partners in a business venture hold property jointly, with the property being used for the partnership's purposes rather than belonging to the partners individually.