If a 1 Percent Increase in Price Causes a 2

question 295

Multiple Choice

If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) infinite.

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Definitions:

Minds

Refers to the intellectual or cognitive capabilities of individuals, including thoughts, perceptions, and consciousness.

Contract

A legally binding agreement between two or more parties that outlines obligations and provisions for each party.

Genuineness Of Assent

A legal principle stipulating that all parties involved in a contract must genuinely agree to the contract's terms for it to be valid and enforceable.

Duress

The use of force, threats, or coercion to compel someone to act in a manner they would not ordinarily choose.