General Knowledge · Economics - Demand and Supply
Consider the following basic economic principles and choose the correct statement.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Market equilibrium refers to a situation where demand always exceeds supply.
- 2The market supply curve is usually downward-sloping.
- 3Price elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price.✓
- 4The market demand curve for a normal good is usually upward-sloping.
Correct answer
Price elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price.
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