If the Price Elasticity of Supply Is 1

question 55

Multiple Choice

If the price elasticity of supply is 1.5,and a price increase led to a 3% increase in quantity supplied,then the price increase is about

• A)0.2%.
• B)0.5%.
• C)2.0%.
• D)4.5%.

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Definitions:

Canonical Babbling

A stage in infant language development characterized by repetitive syllables that resemble the rhythm and pitch of speech.

Telegraphic Speech

Two-word utterances produced by toddlers that communicate only the essential words.

Broca's Area

A region in the frontal lobe of the brain associated with language production, speech, and comprehension.

Prefrontal Cortex

The part of the brain located at the front of the frontal lobe, crucial for decision making, social behavior, and personality expression.