Suppose an Increase in the Price of Hamburger from $3

question 108

Multiple Choice

Suppose an increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units. At the original price, the price elasticity of supply for hamburgers is ________ so supply is ________.

• A)2/3; elastic
• B)2/3; inelastic
• C)3/2; elastic
• D)3/2; inelastic

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Definitions:

Leader Values

The core beliefs and principles that guide a leader's behavior and decision-making process.

Nature-Nurture Approach

A theoretical framework that examines the interaction between an individual's inherited traits (nature) and their life experiences (nurture) in shaping their behavior and personality.

Trait Approach

A theory of leadership that suggests certain inherent personality traits and characteristics contribute to effective leadership.

Behavior Approach

A focus on observable behaviors and external stimuli in understanding human actions, rather than internal thoughts and feelings.