Suppose a Decrease in World Demand for Potash (Used in the Production

question 112

Multiple Choice

Suppose a decrease in world demand for potash (used in the production of fertilizer) decreases the price by 5 percent.Annual Canadian production decreases by 2 percent.What is the elasticity of supply of Canadian potash?

• A)0.2
• B)0.4
• C)0.5
• D)1.0
• E)2.5

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Definitions:

Superclass

In object-oriented programming, a class from which other classes, known as subclasses, inherit fields and methods.

Dynamic Binding

A mechanism in object-oriented programming where the code to execute is determined at runtime based on the object type rather than at compile time.

Compile Time

The phase in which a program's source code is converted into executable code by a compiler, before the program is run.

Execution Time

The total time required for a computer program or specific block of code to complete execution.