The Price Elasticity of Supply for Umbrellas Is 2

question 204

Multiple Choice

The price elasticity of supply for umbrellas is 2.Suppose you're told that following a price increase, quantity supplied increased by 30 percent.What was the percentage change in price that brought this about?

• A)60 percent
• B)15 percent
• C)6.7 percent
• D)impossible to determine without additional information

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Definitions:

Entitativity

The perception or quality of being a distinct and unified group, characterized by similarities, shared goals, or common fate among its members.

Cohesiveness

Refers to the strength of the bonds among members of a group, which often helps in enhancing group performance and satisfaction.

Emergent

Describes phenomena or patterns that arise or develop in complex systems, often unexpectedly and without a singular entity controlling them.

Circumstantial

Depending on specific conditions or circumstances rather than being absolute or inherent; context-dependent.