When a Public Transit System (Such as a Subway or Bus

question 212

Multiple Choice

When a public transit system (such as a subway or bus line) raises its fares,its total revenue may increase.This suggests that demand is:

• A)unstable.
• B)price-inelastic.
• C)price-elastic.
• D)price unit-elastic.

Acknowledge the empirical nature of psychology and its reliance on scientific methods.

Describe the process and significance of peer review in the publication of research findings.

Recognize the role and impact of experimenter and participant biases in research.

Understand the importance of replication in scientific research.

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Definitions:

Entrepreneurial Ability

The skill or capacity to identify opportunities, create new businesses, and innovate new products or services in the marketplace.

Opportunity Cost

represents the value of the next best alternative forgone as a result of making a decision.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Economic Growth

is an increase in the production of goods and services in an economy over a period of time, often measured by GDP.