If the Price Elasticity of Supply Is Greater Than 1

question 238

Multiple Choice

If the price elasticity of supply is greater than 1, then:

• A) supply is price elastic.
• B) supply is price inelastic.
• C) supply is unit price elastic.
• D) quantity supplied is relatively unresponsive to price changes.

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Definitions:

Personality Questionnaires

Tools or instruments used to assess and evaluate an individual's characteristic patterns of thoughts, feelings, and behavior.

Uncertainty Avoidance

A cultural system of rules that minimizes ambiguity.

Cultural System

A complex ensemble of knowledge, beliefs, values, norms, customs, practices, and traditions that characterize a particular group or society.

Extraversion

A characteristic that denotes being outgoing, confident, communicative, and showing intense feelings openly.