If the Percentage Change in Price Is 10% and the Percentage

question 63

Multiple Choice

If the percentage change in price is 10% and the percentage change in quantity supplied is 0% then the supply for the good is

• A)Elastic
• B)Inelastic
• C)Unit elastic
• D)Perfectly inelastic

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Definitions:

Standard Quantifier

A logical operator that specifies the quantity of specimens in the domain of discourse that satisfy a given condition.

Some

An unspecified amount or number of people or things.

Non-categorical

Relating to statements or propositions that do not fit into the standard categorical framework of logic, often not expressing a straightforward assertion about sets and their members.

Proposition

An expression that conveys a judgment or opinion.