An Increase in the Price of T-Shirts from $20 to $25

question 14

Multiple Choice

An increase in the price of T-shirts from $20 to $25 causes an increase in the quantity supplied of T-shirts from 12,000 to 14,000.Then:

• A) The demand is elastic
• B) The demand is inelastic
• C) The supply is elastic
• D) The supply is inelastic
• E) The supply is unit elastic

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Definitions:

Product Issues

Challenges or problems associated with developing, launching, or selling a product, including design flaws, manufacturing defects, or market misalignment.

Curve Fitting

A statistical technique used to find the best way to plot a curve through a set of data points, often for predictive purposes.

Dependent Variables

Variables in an experiment or study whose changes depend on the effects of other variables, typically independent variables.

Data Points

Data points are individual pieces of factual information collected during research or analysis, used to represent quantitative or qualitative attributes of a variable.