Homework Answers
1.Option D More of goods as price of goods rises.
The law of supply is a fundamental principle of economic theory which states that, keeping other factors constant, an increase in price results in an increase in quantity supplied. In other words, there is a direct relationship between price and quantity.
2 Option D Elastic
Elasticity of Demand = % change in quantity demanded/ % change in price
= 42/3 = 21
When the value of elasticity is greater than 1.0, it suggests that the demand for the good or service is affected by the price. The demand is Elastic.We say a good is price elastic when an increase in prices causes a bigger % fall in demand.
Note: Minus sign has been ignored because it is expected that there will be a negative (inverse) relationship between quantity demanded and price.
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