The Demand for Heart Surgery Is Price Inelastic

question 31

Multiple Choice

The demand for heart surgery is price inelastic.So it follows that

• A)the percentage change in price is less than the resulting percentage change in quantity demanded.
• B)if the price of heart surgery increases,total expenditure by consumers on heart surgery will rise.
• C)changes in price do not affect the number of operations demanded.
• D)both a and b
• E)all of the above

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Definitions:

Disadvantage

A circumstance or condition that unfavorably affects someone, reducing their chances of success.

Own Ability

An individual's self-assessed competence or skill in a particular area.

Self-Serving Biases

Cognitive biases that lead to perceiving oneself in a favorable manner, often by attributing success to internal factors and failures to external factors.

Attributions

Explanations one gives for the causes of events, behaviors, and outcomes, often as internal (personal) or external (situational) factors.