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:

Provinces

Administrative divisions within a country, with specific governmental responsibilities distinct from the central government; often used in reference to Canada's political structure.

Occupation

a person's job or profession.

Body Fat Percentages

A measure of the proportion of fat in an individual's body compared to their total body mass.

Unimodal

Describes a distribution with a single prominent peak or mode, representing the most frequently occurring value in the data set.