Consider a 15 Percent Increase in the Price of a Box

question 21

Multiple Choice

Consider a 15 percent increase in the price of a box of 50 of mailing envelopes and a 15 percent increase in the price of designer leather goods. In response to the price changes, which of the following is most likely to be true?

• A)The total revenue from designer leather goods will not change.
• B)The percentage change in the quantity demanded of designer leather goods will be approximately equal to the percentage change in the quantity demanded of a box of 50 mailing envelopes.
• C)The percentage change in the quantity demanded for a box of 50 of mailing envelopes will be larger than the percentage change in the quantity demanded for designer leather goods.
• D)The percentage change in the quantity demanded for designer leather goods will be larger than the percentage change in the quantity demanded for a box of 50 of mailing envelopes.

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Definitions:

Stanley Milgram

A psychologist known for his research on obedience, demonstrating how people are willing to follow orders from an authority figure, even to the extent of causing harm to others.

Obedience

The act of following orders or conforming to instructions from authority figures, often considered a form of social influence.

Inhumane Acts

Actions or behaviors that are brutally cruel, lacking mercy or compassion, and violate basic human rights.

Virtuous Leadership

A leadership approach focused on leading by example, moral integrity, and the promotion of ethical behavior among followers.