A Linear Supply Curve Has a Price Elasticity Coefficient Equal

question 155

True/False

A linear supply curve has a price elasticity coefficient equal to 1.

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Definitions:

Consideration

a legal principle involving something of value exchanged between parties within a contract, making the agreement enforceable.

Accord And Satisfaction

An arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract. The promise to perform the new duty is the accord, and the actual performance of that new duty is the satisfaction.

Liquidated Debt

Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.

Valid Consideration

Something of value (cash, services, goods, etc.) that is exchanged between parties in a contract, making the contract legally binding.