Figure 7-12 -Refer to Figure 7-12. When Price Falls from $50 to from $50

question 159

Multiple Choice

Figure 7-12
-Refer to Figure 7-12. When price falls from $50 to $40, it can be inferred that demand between those two prices is

• A) inelastic, since total revenue decreases from $8,000 to $5,000.
• B) inelastic, since total revenue increases from $5,000 to $8,000.
• C) elastic, since total revenue increases from $5,000 to $8,000.
• D) unit elastic, since total revenue increases from $5,000 to $8,000.

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Definitions:

Injunctive Norm

Socially accepted rules or standards that dictate what is considered appropriate or inappropriate behavior within a group or society.

Reciprocal

Pertains to mutual exchange or influence between individuals or groups, where actions or benefits are given and received in turn.

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A social media platform that allows users to connect with friends and family, share content, and participate in various groups and activities.

Autokinetic Effect

A visual phenomenon where a stationary point of light in a dark environment appears to move due to minor involuntary eye movements.