The Concept That Explains to What Degree Price Changes When

question 153

Multiple Choice

The concept that explains to what degree price changes when there is a shift in demand, other things being equal, is

• A)income elasticity of demand.
• B)price elasticity of demand.
• C)price elasticity of supply.
• D)cost elasticity of supply.
• E)cross-price elasticity of demand.

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Definitions:

Direct Cause

An immediate factor or event that directly leads to an outcome or effect.

Respondeat Superior

A legal doctrine holding that an employer is responsible for the actions of employees performed within the course of their employment.

Subpoena Duces Tecum

Latin; a legal document that requires the recipient to bring certain written records to court to be used as evidence in a lawsuit.

Malfeasance

The performance of an act that is unlawful or wrongful by a public official or other person in power.