An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?

Related Mcqs:

If a product is a vablen good ?

A. Demand is inversely related to income B. Demand is inversely related to price C. Demand is directly related to price D. Demand is inversely related to the price of substitutes...

If demand is __________ then price cuts will _________ spending?

A. inelastic; increase B. elastic; increase C. elastic, decrease D. none of the above...

An increase in aggregate demand if aggregate supply is totally inelastic will ?

A. increase price but not output B. increase output but not price C. increase output and price D. decrease output and price...

The price elasticity of demand is a negative number this means ?

A. Demand is price elastic B. Demand is price inelastic C. The demand curve is downward sloping D. An increase in income will reduce the quantity demanded...

Marginal revenue is the ________ when output is __________?

A. Change in average revenue, increased B. Change in total revenue, increase by one unit C. change in average revenue, increased by one unit D. change in total revenue increased...