If an Increase in the Price of Oil from $20

question 31

Multiple Choice

If an increase in the price of oil from $20 to $24 per barrel induces firms to increase production from 1 million to 1.6 million barrels,then the elasticity of supply is:

• A)1.54.
• B)3.
• C)2.25.
• D)2.

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Definitions:

Nature Versus Nurture

Refers to the ongoing debate on the relative contributions of genetic inheritance and environmental factors to human development.

Behavioural Differences

Variations in actions and responses among individuals or groups, often influenced by genetic, environmental, and societal factors.

Socialized

The process by which individuals learn and internalize the norms, values, and behaviors that are considered appropriate in their society.

Agents of Socialization

The individuals, groups, and institutions that contribute to the socialization process, teaching individuals the norms, values, and practices of a society.