If a 30 Percent Change in Price Causes a 15

question 25

Multiple Choice

If a 30 percent change in price causes a 15 percent change in quantity supplied,then the price elasticity of supply is about

• A)0.5,and supply is elastic.
• B)0.5,and supply is inelastic.
• C)2,and supply is inelastic.
• D)2,and supply is elastic.

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Definitions:

Homeostatic Mechanisms

The regulatory mechanisms that maintain homeostasis.

Energy Expenditure

The total amount of energy used by an organism for basic bodily functions and physical activity.

Metabolic Processes

The chemical reactions that occur within a living organism to maintain life.

Torpor

A state of decreased physiological activity in an animal, usually by a reduced body temperature and metabolic rate.