If a 1 Percent Decrease in the Price of a Pound

question 455

Multiple Choice

If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied

• A) demand is elastic.
• B) demand is inelastic.
• C) supply is elastic.
• D) supply is inelastic.

---

Definitions:

Celestial Body

An object in space such as a planet, star, moon, or asteroid that is located outside Earth's atmosphere.

Outer Space Treaty

An international agreement that forms the basis of international space law, outlining principles for space exploration and usage, including the prohibition of weapons of mass destruction in space.

Appropriation

The act of taking something for one's own use, typically without the owner's permission.

Price-Fixing Agreement

An agreement between competitors to fix the prices of products or services at a certain level.