Suppose the Price of Soccer Shoes Decreases by 7 Percent

question 89

Multiple Choice

Suppose the price of soccer shoes decreases by 7 percent and as a result,there is a 12 percent rise in the quantity of shin guards demanded.The value of the cross-price elasticity of demand is

• A)-1.71.
• B)-0.58.
• C)1.71

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Definitions:

Conformity

The act of adjusting one's behavior or thinking to align with the group norms or expectations.

Cognitive Dissonance

The unpleasant state that can occur when people become aware of inconsistencies between their attitudes or between their attitudes and their behavior.

Self-esteem

An individual's subjective evaluation of their own worth or personal value.

Prosocial Behaviors

Actions intended to benefit others, such as helping, sharing, and comforting.