The Supply of a Good Tends to Be More Elastic

question 67

Multiple Choice

The supply of a good tends to be more elastic if:

• A) a change in the price of the good causes only a small change in the quantity supplied.
• B) the good is considered a necessary good.
• C) production can be expanded without causing a big increase in the price of its inputs.
• D) an increase in production has only a minimal impact on demand for the good.

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Definitions:

Emotional Intelligence

The capacity to be aware of, control, and express one's emotions, and to handle interpersonal relationships judiciously and empathetically.

Analytical

Being analytical relates to the ability to examine components or structures methodically and logically, often to understand a complex whole or to solve problems.

Grit

The quality of being resilient, perseverant, and passionate towards long-term goals despite facing hardship or failure.

G Factor

A construct developed in psychometric investigations of cognitive abilities and human intelligence, referring to the general intelligence factor that underlies all intelligent activity.