In the Elastic Portion of the Supply,small Changes in Prices

question 124

Multiple Choice

In the elastic portion of the supply,small changes in prices lead to ________ changes in quantity,while in the inelastic portion of the supply curve,small changes in prices lead to ________ changes in quantity.

• A) small; small
• B) large; large
• C) small; large
• D) large; small

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Definitions:

Execution

An action to carry into effect the directions in a court decree or judgment.

Attachment

(1) In the context of secured transactions, the process by which a security interest in the property of another becomes enforceable. (2) In the context of judicial liens, a court-ordered seizure and taking into custody of property prior to the securing of a judgment for a past-due debt.

Unsecured Creditor

A creditor who lends money without obtaining specified assets as collateral, thus facing higher risk in case of borrower's bankruptcy.

Family Home

A primary residence where a family lives and conducts their daily activities.