If the Quantity Supplied of Tomatoes Rises from 7 Million

question 8

Multiple Choice

If the quantity supplied of tomatoes rises from 7 million to 9 million kilograms when the price rises from $3.50 to $4.50 per kilogram,then the numerical value of the price elasticity of supply is:

• A)1.0
• B)1.3
• C)0.8
• D)2.0
• E)0.5

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Definitions:

Specific Performance

Specific performance is a legal remedy demanding the performance of a contract according to its precise terms when damages are not sufficient compensation.

United Nations Convention

A treaty or agreement under the auspices of the United Nations, establishing standards and norms for its member countries.

Unique Goods

Items that are distinct due to their design, quality, or rarity, often making them irreplaceable in transactions.

International Sale of Goods

Refers to the sale transaction of goods between parties situated in different countries, governed by international agreements like the CISG.