If an Increase in Price from $1 to $2 Per

question 193

Multiple Choice

If an increase in price from $1 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is

• A)0.38
• B)2
• C)2.67
• D)4
• E)8

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Definitions:

One-Component Model

A conceptual model focusing on one aspect or component of a phenomenon to understand or predict outcomes, often simplifying complex processes.

Attitude

An attitude is a psychological tendency expressed by evaluating a particular entity with some degree of favor or disfavor.

Balance Theory

A psychological theory proposing that individuals strive for consistency among their beliefs, attitudes, and sentiments.

Balance Theory

A psychological theory suggesting that people strive for harmony and consistency in their relationships, attitudes, and beliefs, avoiding imbalance or discord.