If an 8 Percent Decrease in the Price of Lobster

question 24

Multiple Choice

If an 8 percent decrease in the price of lobster leads to a 15 percent decrease in the quantity supplied of lobster, then the supply of lobster is

• A) unit-elastic.
• B) unitarily elastic.
• C) elastic.
• D) perfectly inelastic.

---

Definitions:

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer and payee usually named.

Proper Use

The appropriate, intended, or correct manner of utilizing something according to guidelines, laws, or specifications.

Chattel Mortgage

A loan arrangement where personal movable property is used as security for the loan.

Promissory Note

An economic document that includes a binding commitment from one party to another to deliver a specific amount of funds, payable either upon request or at an agreed-upon date in the future.