When Choosing Sources to Support Your Proposal

question 5

Multiple Choice

When choosing sources to support your proposal,

• A) cite all sources of common knowledge.
• B) limit your sources to major background studies.
• C) ignore the most recent studies.
• D) do not acknowledge sources with a point of view different from your own.
• E) All of these answers are correct.

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Definitions:

Luxury Good

A good for which demand increases more than proportionally as income rises, in contrast to a "necessity good," for which demand is not related to income.

Total Revenue

The total amount of money a company receives from its sales of goods or services, calculated by multiplying the price per unit by the number of units sold.

Demand Elastic

Referring to a situation where the quantity demanded of a good or service significantly changes in response to a change in its price.

Price-Elasticity Coefficient

A numeric value that measures how much the quantity demanded of a good responds to a change in the price of that good, indicative of its price sensitivity.