If, for a Given Percentage Increase in Price, Quantity Supplied

question 67

Multiple Choice

If, for a given percentage increase in price, quantity supplied increases by a proportionately larger percentage, then supply is

• A)unit elastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)elastic.

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Definitions:

Useful Life

The estimated period of time over which an asset is expected to be usable by the entity, after which it may no longer be economically beneficial to keep.

Economic Value

The measure of the benefit obtained from a good or service, often compared to potential alternatives.

Operating Cost

Expenses related to the day-to-day functioning of a business, excluding costs related to production.

Useful Life

The expected period of time during which an asset is useful to the owner for its intended purpose, often affecting depreciation calculations.