If Elasticity for a Product Is 2 and Supply Increases

question 117

Multiple Choice

If elasticity for a product is 2 and supply increases by 10 percent,what was the percent price change for this product?

• A)an increase of 2 percent
• B)a decrease of 2 percent
• C)an increase of 10 percent
• D)a decrease of 5 percent
• E)an increase of 5 percent

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Definitions:

Antidiuretic Hormone

Also known as vasopressin, it is a hormone that helps to control the body's water balance through its effect on the kidneys and reduction of urine output.

Monozygotic Twins

Twins that are genetically identical because they were formed from a single fertilized egg that split into two.

Genes

Units of heredity made up of DNA that act as instructions to make molecules called proteins, affecting various functions and characteristics of an organism.

Genetic Code

The collection of principles governing how genetic information (encoded in sequences of DNA or RNA) is converted into proteins within living cells.