If a 40% Change in Price Results in a 25

question 35

Multiple Choice

If a 40% change in price results in a 25% 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:

Unconscious

The part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Feature Arrangements

The way in which perceptual features are organized and structured in our cognitive processes to represent objects or stimuli.

Mental Images

Visual, or other sensory, representations in the mind that are not currently being perceived but can be recalled or imagined.

Real-World Objects

Physical items that exist in the environment, capable of being seen, touched, and interacted with, outside of theoretical or virtual constructs.