If a 25% Change in Price Results in a 40

question 77

Multiple Choice

If a 25% change in price results in a 40% change in quantity supplied,then the price elasticity of supply is about

• A)0.63,and supply is elastic.
• B)0.63,and supply is inelastic.
• C)1.60,and supply is elastic.
• D)1.60,and supply is inelastic.

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Definitions:

Political Decision Making

The process by which government officials, politicians, and leaders make choices that affect a country's policies, laws, and governance.

Organizations

Structured groups of people coming together to achieve common goals, often through a defined hierarchy and rules.

Hedonistic Principle

A philosophical concept suggesting that actions are motivated by the pursuit of pleasure and the avoidance of pain.

Political Might Principle

The concept that political power and influence can significantly impact decision-making processes and outcomes within organizations and societies.