If for a Particular Market a Drop in Price from $100

question 9

Multiple Choice

If for a particular market a drop in price from $100 to $50 causes quantity supplied to decrease from 3 million to 2 million units we can say that supply:

• A)is elastic
• B)is inelastic
• C)is perfectly inelastic
• D)is perfectly elastic
• E)has a price elasticity whose numerical value is exactly equal to one

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Definitions:

Mobile Devices

Portable electronic devices that have computing capabilities and can access the internet, such as smartphones and tablets.

Location-Aware Technology

Technology that uses data from GPS, Wi-Fi, and mobile networks to provide information or services based on the geographical location of the user.

Email Messages

Electronic communications sent and received over the internet, utilizing specific addresses for each user.

PCs

Stands for Personal Computers, electronic devices designed for individual use, capable of executing a set of instructions to perform various tasks.