The Ratio of the Percentage Change in Quantity Demanded to the Percentage

question 5

Multiple Choice

The ratio of the percentage change in quantity demanded to the percentage change in price is called

• A)Price elasticity of demand
• B)Price elasticity of supply
• C)Income elasticity of demand
• D)Income elasticity of supply

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Definitions:

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors in judging others' behavior.

Self-Serving Bias

A common tendency for individuals to attribute positive outcomes to their own actions and negative outcomes to external factors.

Consensus

A general agreement among a group of people, often achieved through discussion and compromise.

Distinctiveness

The quality or state of being notably different or unique in comparison to others, allowing for recognizable differentiation.