When the Percentage Change in the Quantity Supplied Equals the Percentage

question 38

Multiple Choice

When the percentage change in the quantity supplied equals the percentage change in price,the supply is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) perfectly elastic.
• E) perfectly inelastic.

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Definitions:

Frequency Distribution

A summary of how often each value in a set of data occurs.

Relative Frequency Distributions

Statistical tools used to describe the number of times a particular value occurs in relation to the total number of values.

Skewed Right

A distribution of data where the right tail (larger values) is longer than the left tail, indicating that the majority of data points are located on the left side.

Symmetric Histogram

A graphical representation of the distribution of data where the left and right sides of the histogram are mirror images of each other.