In General,elasticity Is a Measure of

question 1

Multiple Choice

In general,elasticity is a measure of

• A)the extent to which advances in technology are adopted by producers.
• B)the extent to which a market is competitive.
• C)how firms' profits respond to changes in market prices.
• D)how much buyers and sellers respond to changes in market conditions.

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Definitions:

Contraries

Statements, ideas, or actions that are opposed to each other; in logic, two propositions are contraries if they cannot both be true but can both be false.

Negated

Made ineffective or invalidated; in logic, a proposition that denies or contradicts another proposition.

Raining

The process of precipitation in the form of water droplets falling from clouds in the atmosphere to the ground.

Not Raining

The condition of the weather where no precipitation is occurring.