Which of the Following Is False

question 192

Multiple Choice

Which of the following is false?

• A)​The price elasticity of supply measures the sensitivity of the quantity supplied to the changes in the price of the good.
• B)​The price elasticity of supply is defined at the percentage change in the quantity supplied divided by the percentage change in price.
• C)​Goods with a supply elasticity that is greater than 1 are called relatively elastic in supply.
• D)​When supply is inelastic, a 1 percent change in the price of a good will induce a more than 1 percent change in the quantity supplied.

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Definitions:

Price Supports

Government interventions to maintain the market price of a commodity or product above its equilibrium level, often to protect producers' incomes.

American Exports

Items and services manufactured in the United States that are marketed to other countries.

Less-Developed Countries

Nations with a lower living standard, underdeveloped industrial base, and low Human Development Index relative to other countries.

Soybeans Produced

The total quantity of soybeans grown and harvested, often measured in bushels or metric tons, important for both human consumption and animal feed.