Ceteris Paribus, If a 4% Increase in Price Leads to a 6

question 49

Multiple Choice

Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then:

• A)​supply is elastic.
• B)​supply is unit elastic.
• C)​supply is inelastic.
• D)​the supply curve is perfectly vertical.

Understand the concept of ratification in the context of agency law.

Recognize the legal definitions and criteria for partnership as outlined in the Partnership Act.

Understand the concept of production possibility frontiers (PPFs) and their shapes.

Identify factors that lead to the movement between points on the PPF.

---

Definitions:

Cash Equivalents

Investments of a short duration that are highly liquid, easily converted into precise cash amounts, and carry a minimal risk of fluctuating in value.

Trading Securities

Financial assets bought and sold for short-term profit, often including stocks and bonds.

Fair Market Value

The price that property would sell for on the open market between an informed and willing buyer and seller.

Cost

The amount of money that is incurred in the production of goods or in providing services, which may include expenses related to materials, labor, and overhead.