When a Given Percentage Change in the Price Leads to a Larger

question 138

Multiple Choice

When a given percentage change in the price leads to a larger percentage change in the quantity supplied, supply is said to be

• A)elastic.
• B)unit elastic.
• C)inelastic.
• D)infinitely elastic.
• E)perfectly inelastic.

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Definitions:

Placebo Effect

The beneficial outcome resulting from a person's expectations of a treatment rather than from the treatment itself.

Common Sense

The basic level of practical knowledge and judgment that is shared by a large number of people and considered to be reasonable and prudent.

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The feeling of being drawn to someone or something as a result of emotional, physical, or psychological factors.

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