The Price Elasticity of Supply for a Good Is 3

question 185

Multiple Choice

The price elasticity of supply for a good is 3 if:

• A) a 1 percent increase in price leads to a 3 percent decrease in quantity supplied.
• B) a 1 percent decrease in price leads to a 3 percent decrease in quantity supplied.
• C) a 9 percent decrease in price leads to a 3 percent decrease in quantity supplied.
• D) None of the above are true.

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Definitions:

Neurons

Specialized cells in the nervous system that convey information to other neurons, muscles, or glands.

Acetylcholine

A neurotransmitter involved in many functions including muscle movement, heart rate, memory, and learning, playing a key role in the brain and body's nervous systems.

Catecholamines

Organic compounds that act as neurotransmitters or hormones, such as adrenaline and dopamine, involved in bodily responses to stress.

Nervous System

The network of nerve cells and fibers that transmits nerve impulses between parts of the body.