If the Price Elasticity of Supply Is 1

question 85

Multiple Choice

If the price elasticity of supply is 1.2,and price increased by 5%,quantity supplied would

• A)increase by 4.2%.
• B)increase by 6%.
• C)decrease by 4.2%.
• D)decrease by 6%.

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Definitions:

Equal Chance

The principle that each participant or subject in a study has an equal probability of being chosen for any given condition or treatment.

Confounding Variable

is an external factor in a research study that may affect the outcome of the experiment, leading to inaccurate conclusions if not controlled.

Intelligence

The ability to acquire, understand, and use knowledge, as well as to engage in abstract thinking and problem-solving.

Recall Events

The process of retrieving information about past events or experiences from one’s memory.