The Change in Quantity Supplied That Results from a Change

question 112

Multiple Choice

The change in quantity supplied that results from a change in price is known as the:

• A)cross-price elasticity of supply.
• B)slope of the supply curve.
• C)price elasticity of supply.
• D)cross-price elasticity of demand.

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Definitions:

Mass Produced

The large-scale production of goods using standardized designs and assembly-line techniques to achieve economies of scale and reduce per-unit costs.

Quality Control

A process by which entities review the quality of all factors involved in production to ensure standards are met.

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and management consultant known for his work in quality management.

Operations Management

The administration of business practices aimed at ensuring maximum efficiency within a company, focusing on managing processes, materials, and people effectively.