If the Quantity Supplied Responds Only Slightly to Changes in Price,then

question 31

Multiple Choice

If the quantity supplied responds only slightly to changes in price,then

• A)supply is said to be elastic.
• B)supply is said to be inelastic.
• C)an increase in price will not shift the supply curve very much.
• D)even a large decrease in demand will change the equilibrium price only slightly.

Analyze the effectiveness of governmental strategies against organized crime.

Compare and contrast different types of robbery (professional vs. amateur).

Understand the motivations behind shoplifting and its encouragement by societal structures.

Discuss the reasons behind the domestic power dynamics within organized crime.

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Definitions:

Consumption Function

The relationship in the economy between consumption and income, other things constant.

Saving Function

The relationship between the level of saving and the level of income, typically showing that saving increases as income increases.

Consumption Function

An economic formula that expresses the relationship between total consumption and gross national income, indicating how much households are likely to spend.

Disposable Income

Disposable income refers to the amount of money individuals or households have available to spend or save after income taxes are deducted.