A Price Elasticity of Supply of 1

question 114

Multiple Choice

A price elasticity of supply of 1.5 implies that

• A)a 20 percent increase in the quantity supplied increases the price by 30 percent.
• B)total revenue is 1.5 times total cost.
• C)a 20 percent increase in the price increases the quantity supplied by 30 percent.
• D)a 20-unit increase in supply reduces the price by $30.
• E)a $20 increase in the price increases the quantity supplied by 30 units.

Recognize the biases and illusions present in interview processes and personnel assessments.

Appreciate the role of self-discipline and grit in academic and professional performance.

Identify and analyze the characteristics and implications of employee engagement and job fulfillment perceptions.

Understand the psychological principles applied in the workplace, including industrial-organizational psychology and personnel psychology practices.

---

Definitions:

Outgroup

Any group that an individual does not belong to or identify with, often perceived as fundamentally different or alien.

Diffusion

The process by which an innovation, idea, or cultural practice is spread through a population, crossing barriers and gaining acceptance.

Groupthink

A psychological phenomenon that occurs within a group of people, in which the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Transactive Memory

Transactive memory is a psychological concept explaining how groups collectively store, recall, and share knowledge through the relationships among members.