If a 25% Change in Price Results in a 40

question 431

Multiple Choice

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

• 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 inelastid.

---

Definitions:

Erasmus's In Praise of Folly

A satirical essay by Desiderius Erasmus, critiquing superstitions and corruption in the Catholic Church and European society.

Corrupt Monastic System

Practices within religious monastic communities that deviate from ethical or spiritual standards, typically involving misuse of power or funds.

Avignon Papacy

The period from 1309 to 1377 during which seven successive popes resided in Avignon, France instead of Rome, leading to a significant state of schism within the Church.

1309-1378

Dates defining the Avignon Papacy, a period when the popes resided in Avignon, France rather than in Rome, a situation that led to significant church conflict.