If a 40% Change in Price Results in a 25

question 138

Multiple Choice

If a 40% change in price results in a 25% change in quantity supplied,then the price elasticity of supply is

• A) 0.63,and supply is elastic.
• B) 0.63,and supply is inelastic.
• C) 1.60,and supply is elastic.
• D) 1.60,and supply is inelastic.

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Definitions:

Restating

The act of expressing the same idea or information using different words, often for clarity or emphasis.

Probing

The act of examining or exploring something with the intent to discover information, often by physical or technological means.

Verify

The act of confirming the accuracy, truth, or validity of something through examination or evidence.

Subjective Data

Information derived from personal perceptions, feelings, or opinions, rather than objective measurements, often used in healthcare assessments.