IF THE PRICE OF AN ITEM CHANGES BY 8% AND QUANTITY SUPPLIED CHANGES FROM 600 UNITS TO 660 UNITS, THE PRICE ELASTICITY OF SUPPLY IS
A. 0.80 B. 1.25 ✓ C. 2.00 D. 10.00 The answer to the question is: B. 1.25 The price elasticity of supply measures the responsiveness of the quantity supplied of a good to a change in its price. It is calculated as…
IF QUANTITY SUPPLIED IS CONSTANT IRRESPECTIVE OF PRICE CHANGES, THE SUPPLY ELASTICITY IS
A. unitary B. infinity C. fairly elastic D. perfectly inelastic ✓ The answer to the question is: D. perfectly inelastic If the quantity supplied remains constant regardless of changes in price, the supply elasticity is considered perfectly inelastic. This means that the quantity supplied…
DURING THE TRANSFORMATION OF MATTER FROM THE SOLID TO THE LIQUID STATE, THE HEAT SUPPLIED DOES NOT PRODUCE A TEMPERATURE INCREASE BECAUSE
A. the heat energy is quickly conducted away B. the heat capacity has become very large as the substance melts C. the heat gained is equal to the heat lost by the substance D. all the heat is used to break the bonds holding…