The Price Elasticity of Demand for Cabbage in Southern Ontario

question 11

Multiple Choice

The price elasticity of demand for cabbage in Southern Ontario has been estimated to be 0.25.If an insect infestation destroys 20% of the region's cabbage crop (and thus reduces supply) ,how will that affect total expenditures on cabbage,all other things equal?

• A) Total expenditures will rise.
• B) Total expenditures will fall.
• C) Total expenditures will remain unchanged.
• D) The information is insufficient to answer the question.

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Definitions:

Unauthorized Contracts

Unauthorized contracts refer to agreements made by individuals who lack the legal authority or capacity to bind themselves or another party to contractual obligations.

Apparent Authority

A situation where a reasonable person would understand that an agent had authority to act, even if the agent did not have actual authority.

Personal Liability

The legal obligation of an individual to bear the cost of damages or losses themselves, rather than the liability being absorbed by an entity or insurance.

Agency Relationship

A fiduciary relationship in which one party (the agent) agrees to act on behalf of another party (the principal).