The Price Elasticity of Supply Is Usually a Positive Number

question 111

Multiple Choice

The price elasticity of supply is usually a positive number because:

• A)quantity supplied increases in response to income increases.
• B)quantity supplied increases in response to price increases.
• C)the quantity demanded usually rises when price falls, and therefore suppliers would want to capitalise on this increase in demand.
• D)price rises when supply increases.

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Definitions:

Autonomy

The quality or state of being self-governing; the ability to make one's own choices and decisions independently.

Concrete Goal

a clear, specific, and achievable target or objective that someone aims to reach.

Abstract Goal

A goal that is not tied to a specific, tangible outcome, often more conceptual or general in nature.

Automatic Process

Mental activities that are undertaken without conscious effort or awareness, often as a result of learning and habituation.