If, for a Given Percentage Increase in Price, Quantity Supplied

question 67

Multiple Choice

If, for a given percentage increase in price, quantity supplied increases by a proportionately larger percentage, then supply is

• A)unit elastic.
• B)perfectly elastic.
• C)relatively inelastic.
• D)elastic.

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Definitions:

Cognitive Advanced

Referring to higher levels of cognitive processes or abilities that go beyond basic functions to include complex intellectual tasks and problem-solving.

Mental Combinations

The ability of a child to form mental representations of possible combinations of objects or ideas, a key step in cognitive development.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched.

Centration

A cognitive limitation in early child development described by Piaget, where a child can only focus on one aspect of a situation at a time.