Suppose a 4 Per Cent Increase in Price Results in a 2

question 89

Multiple Choice

Suppose a 4 per cent increase in price results in a 2 per cent increase in the quantity supplied of a good.Calculate the price elasticity of supply and characterise the product.

• A) 2; the product is elastic.
• B) 0.2; the product is inelastic.
• C) 0.5; the product is inelastic.
• D) 50%; the product is inelastic.

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Conservatism

A political and social philosophy promoting traditional institutions, practices, and customs, advocating for minimal government intervention in society.

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How individuals or groups identify and articulate their political beliefs, affiliations, and ideologies.

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Practices or policies favoring those who tend to suffer from discrimination, especially in relation to employment or education, in an effort to promote equal opportunities.

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