If a 25% Change in Price Results in a 40

question 77

Multiple Choice

If a 25% change in price results in a 40% change in quantity supplied,then the price elasticity of supply is about

• A)0.63,and supply is elastic.
• B)0.63,and supply is inelastic.
• C)1.60,and supply is elastic.
• D)1.60,and supply is inelastic.

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Definitions:

Statement Of Financial Position

Another term for the balance sheet, showing a company's assets, liabilities, and shareholders' equity at a specific point in time.

Order Of Decreasing Liquidity

A ranking of assets on a balance sheet based on their ease of conversion to cash without loss of value.

Order Of Importance

A principle of organization where information is prioritized and arranged according to its significance.