The Price Elasticity of Supply Is Usually a Positive Number

question 92

Multiple Choice

The price elasticity of supply is usually a positive number because

• A)quantity supplied increases in response to income increases.
• B)quantity supplied increases in response to price increases.
• C)the quantity demanded usually rises when price falls and therefore suppliers would want to capitalize on this increase in demand.
• D)price rises when supply increases.

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Definitions:

Stono Rebellion

A slave uprising in 1739 in South Carolina that led to a severe tightening of the slave code and the temporary imposition of a prohibitive tax on imported slaves.

Slave Code

Laws established in the colonial and antebellum South to define the status of slaves and the rights of masters, severely restricting slaves' freedoms and rights.

Eighteenth Century

Refers to the 1700s, a period marked by significant changes globally, including the Enlightenment, the rise of industrialization, and major shifts in power and empire.

Britain

A term often used interchangeably with Great Britain, referring to the island containing England, Scotland, and Wales, or more broadly to the United Kingdom which also includes Northern Ireland.