Which of the Following Statements Is True

question 28

Multiple Choice

Which of the following statements is true?

• A) Supply and demand tend to be much more elastic in the long run than in the short run.
• B) Supply and demand tend to be much more inelastic in the long run than in the short run.
• C) Supply is elastic in the short run, whereas demand is elastic only in the long run.
• D) Supply is inelastic in the short run, whereas demand is inelastic only in the long run.

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Definitions:

Ethnocentrism

The belief that one’s ethnic group is more normal than others; an emotional source of prejudice because of people’s gut-level feelings about how right their group is—and, in turn, how wrong they think other groups are.

Attitudes

Mental states or orientations that reflect the evaluations, feelings, and propensities toward aspects of our environment, such as people, objects, and ideas.

Institutional Prejudice

Prejudice that is caused by policies in the workplace that are not intentionally set to exclude members of specific groups or to treat them differently, but which have that effect anyway.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.