-The Table Gives Some Data on the Supply of Roses

question 291

Multiple Choice

-The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is

• A) 1.25.
• B) 5.00.
• C) 0.20.
• D) 0.80.

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Definitions:

Output Rising

A situation where the production of goods and services in an economy increases over a certain period.

Optimal Efficiency

The most advantageous level of efficiency where resources are utilized in a way that maximizes output or benefits without waste.

Operating

refers to the day-to-day functions and activities carried out in managing an organization or business.

Output

The total amount of goods and services produced by a business, industry, or economy within a particular time frame.