If a 1 Percent Increase in Price Leads to a 0.7

question 4

Multiple Choice

If a 1 percent increase in price leads to a 0.7 percent increase in quantity supplied,the short-run supply curve is

• A)elastic.
• B)inelastic.
• C)unit elastic.
• D)perfectly inelastic.

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Definitions:

Contract Obligations

Responsibilities and duties that parties are legally bound to perform as per the terms of a contract.

Commercial Impracticability

A doctrine in contract law that excuses a party from fulfilling their contractual obligations due to unforeseen, extreme hardships.

Revoking Acceptance

The act of legally rejecting a product or service after initially accepting it, based on certain conditions being met.

Nonconforming Goods

Products or items delivered under a contract that do not meet the specifications, standards, or requirements agreed upon.