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.

---

Definitions:

Logic Circuit

An electrical circuit that performs logic operations, interpreting input signals to produce specific output signals based on logical rules.

Logic 1

A binary state representing a high or true condition in digital electronics, typically corresponding to a higher voltage level.

Truth Table

"A table listing that shows the state of a given output as a function of all possible input combinations."

Truth Table

A table used in logic and mathematics that shows the output of a particular function for all possible combinations of its inputs.