If the Price Elasticity of Supply Is 1

question 79

Multiple Choice

If the price elasticity of supply is 1.2,and a price increase led to a 5% increase in quantity supplied,then the price increase is about

• A)0.24%.
• B)4.2%.
• C)6%.
• D)6.2%.

Grasp the necessity of understanding and meeting/exceeding customer expectations.

Understand the challenges of evaluating service quality due to its intangibility.

Learn the importance of empowering employees in delivering quality service to customers.

Understand the concept of setting service standards and its importance in service delivery.

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Definitions:

Compound Statement

A block of statements enclosed within curly braces {} in programming languages, allowing for multiple statements to be treated as a single statement.

If-else Statement

A control flow statement that executes a block of code if a specified condition is true, and another block if the condition is false.

Repetitions

The action or process of repeating something like operations or instructions in programming, often implemented using loops.

Infinite Loops

Loops that continue to run without end because their terminating condition is never met, often resulting in a program hang or crash.