If a Tripling of Price Triples the Quantity of a Good

question 229

Multiple Choice

If a tripling of price triples the quantity of a good supplied, the price elasticity of supply is

• A)3
• B)300
• C)1
• D)-1
• E)-3

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Definitions:

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of classical liberalism and his witty criticisms of protectionism.

Trade Protectionism

Government policies designed to restrict international trade to protect domestic industries from foreign competition.

Government Restrictions

Regulations implemented by the government that limit or guide the actions of individuals or companies, often in the interest of public safety or economic stability.

Low-Wage Nation

A country where the general level of wages and salaries is significantly lower than that of more industrialized and economically developed countries.