The Initial Price of Picture Frames Is $6 and Suppliers

question 134

Multiple Choice

The initial price of picture frames is $6 and suppliers offer 20 frames.When the price falls to $4,suppliers offer only 10.The price elasticity of supply is

• A) 0.33.
• B) 0.67.
• C) 1.67.
• D) 0.60.
• E) 0.40.

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Definitions:

Primary Patriarchalism

The original or fundamental system where men hold power over women in society.

Feudalism

A medieval European political, economic, and social system characterized by the granting of land in exchange for military service, operating on a hierarchy of lords and vassals.

Inheritance of Power

refers to the transfer of authority, control, or influence over others from one generation to another within families, dynasties, or organizations.

Rational Thoughts

The process of thinking clearly, logically, and without emotional bias.