A Decrease in Supply Will Cause the Largest Increase in Price

question 117

Multiple Choice

A decrease in supply will cause the largest increase in price when

• A) both supply and demand are inelastic.
• B) both supply and demand are elastic.
• C) demand is elastic and supply is inelastic.
• D) demand is inelastic and supply is elastid.

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Definitions:

Java.util

The java.util package provides a collection of utility classes that are useful for tasks involving collections, dates, and system properties.

Java.io

A package in Java that contains classes for system input and output through data streams, serialization, and the file system.

Java.awt

A package in Java that contains classes for creating graphical user interfaces and for painting graphics and images.

Java.lang

The fundamental package in the Java programming language that provides classes that are essential to the design of the Java programming language.