If a One Percent Increase in the Price of Oranges

question 151

Multiple Choice

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.

• A)1/5
• B)1/2
• C)5
• D)2

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Definitions:

Fraudulent Misrepresentation

Deliberately providing false information to deceive another party, often to gain a financial advantage.

Intent To Deceive

Refers to the willful act of misleading or deceiving another party, often to gain an advantage or to persuade them to act in a certain way.

Knowledge Of Falsity

Awareness or acknowledgment by a person that a statement or piece of information is false or misleading, often a crucial element in fraud and defamation cases.

Concealment

The act of hiding information or a fact, often leading to legal implications if material facts are withheld in a transaction.