If a 1 Percent Change in Price Results in a 4

question 115

Multiple Choice

If a 1 percent change in price results in a 4 percent change in quantity demanded, then

• A)the price elasticity of demand is 4.
• B)the slope of the demand curve is 1/4.
• C)the slope of the demand curve is 4.
• D)the price elasticity of demand is 1/4.
• E)there is not enough information to calculate slope or elasticity.

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Definitions:

Outgroup

A social group to which a person does not identify or belong, often perceived as fundamentally different or inferior.

Luck

A concept that denotes the experience of notably positive, negative, or improbable events by chance.

Stereotypes

Oversimplified generalizations about groups of people that often underpin prejudice and discrimination.

Shooter Bias

The tendency to mistakenly see objects in the hands of Black men as guns.