If the Price of a Product Increases by 10 Percent

question 67

Multiple Choice

If the price of a product increases by 10 percent and sales volume falls by 1 percent, demand for the product is ______.

• A) price elastic
• B) price inelastic
• C) price volatile
• D) price subjective

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Definitions:

Social Role

The pattern of behavior that is expected of an individual in a specific social situation or within a specific social group.

Sincere Performance

Behaving in a manner that genuinely reflects one's feelings, attitudes, and intentions without deception.

Dissonance Paradigm

A theoretical framework used to understand the discomfort from cognitive dissonance and how individuals attempt to reduce it.

Free Choice

The ability or power to make decisions autonomously without external constraints or coercion.