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.

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Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, depending on the outcome of a specific event.

Estimable

Capable of being reasonably estimated or calculated, often used in the context of accounting to refer to expenses or losses.

Reasonably Possible

A term used in accounting and law to describe an outcome that, while not certain, is more than a mere possibility and should be considered or disclosed.

Merchandise Inventory

Goods that are purchased for the purpose of being sold to customers in the normal course of business.