A Decrease in Supply Will Cause the Smallest Increase in Price

question 33

Multiple Choice

A decrease in supply will cause the smallest increase in price when

• A)both supply and demand are inelastic.
• B)demand is elastic and supply is inelastic.
• C)both supply and demand are elastic.
• D)demand is inelastic and supply is elastic.

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Definitions:

Electronegativity Difference

The measure of the difference in electronegativity between two bonded atoms, influencing the bond type (ionic, polar covalent, or nonpolar covalent).

Organic Compounds

Chemical compounds that contain carbon and are found in living organisms, often forming the basis of chemistry related to life.

C-H Bond(s)

The chemical bond between a carbon atom and a hydrogen atom, fundamental to the structure of all organic molecules.

Electronegativity Difference

A measure of the ability of an atom in a molecule to attract electrons to itself compared to another atom.