If the Elasticity of Supply of a Good Was 2

question 106

Multiple Choice

If the elasticity of supply of a good was 2, how much would the price have to increase to lead to an increase in output of 6 percent?

• A)​3 percent.
• B)​4 percent.
• C)​8 percent.
• D)​12 percent.

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Definitions:

Business Messages

Communication conveyed through various channels that is intended for business purposes, such as emails, memos, reports, and presentations.

Abstract Words

Terms that represent ideas, qualities, or concepts that are not concrete or tangible.

Time Management

The process of organizing and planning how to divide one's time between specific activities to maximize efficiency and productivity.

Passivity

A state of inactivity or lack of initiative.