If the Percentage Change in Quantity Supplied Is 5% and the Percentage

question 109

Multiple Choice

If the percentage change in quantity supplied is 5% and the percentage change in price is 10% then the supply for the good is

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

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Definitions:

Operation Of Law

Changes in rights or ownership that occur automatically due to established legal rules, without the need for action by the parties involved.

Monetary Payments

Transfers of money from one party to another as a form of compensation or settlement.

Damages

Financial compensation ordered by a court to a plaintiff for losses suffered due to the defendant's unlawful act or negligence.

Breach Of Contract

Not meeting any condition of a contract, be it in written or oral form, without an authentic legal reason.