If the Price of Hamburger Meat Increases by 20 Percent

question 12

Multiple Choice

If the price of hamburger meat increases by 20 percent and the quantity supplied by meat packing companies increases by 30 percent, what is the price elasticity of supply?

• A) 1.65
• B) 1.20
• C) 0.67
• D) 1.50

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Definitions:

Formal-Operations Stage

The fourth and final stage of Jean Piaget's theory of cognitive development, occurring from age 12 onwards, characterized by the ability to think abstractly and reason logically.

Oral Stage

A phase in Freud's psychosexual development theory during infancy where the mouth is the primary source of pleasure and exploration.

Genital Stage

The final stage of Freud's psychosexual development where healthy sexual development is characterized by the strong sexual interest in the opposite sex.

Gestalt Psychologists

Psychologists who emphasize that the whole of anything is greater than its parts and are known for their work on perception and problem-solving.