You Raised the Price of Your Good by 40% and the Quantity

question 79

Multiple Choice

You raised the price of your good by 40% and the quantity demanded did not change. Demand is:

• A) completely elastic and a decline in price would have yielded a total revenue decrease.
• B) completely inelastic and a decline in price would have yielded a total revenue increase.
• C) completely elastic and a decline in price would have yielded a total revenue increase.
• D) completely inelastic and a decline in price would have yielded a total revenue decrease.
• E) unitary elastic and a decline in price would have yielded a total revenue decrease.

Recognize the significance of avoiding cultural insensitivity to prevent offending individuals from other countries.

Appreciate the necessity of learning and respecting different cultural practices in international business settings.

Understand the importance of cultural differences in international written communications and how to address them.

Identify and explain the two types of cultures based on their approach to time as defined by Edward Hall.

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Definitions:

Dominance Structuring

The psychological process through which humans achieve confidence in their decisions. The four phases of dominance structuring are pre-editing, identifying one promising option, testing that promising option for dominance, and structuring the dominance of the option selected.

Psychological Process

Pertains to the cognitive, emotional, and behavioral functions and activities of the mind.

Dominance Structuring

The organization or arrangement of elements in a group or system based on a hierarchy of power, importance, or influence.