Demand Is Said to Be Price Elastic If

question 52

Multiple Choice

Demand is said to be price elastic if

• A)the price of the good responds substantially to changes in demand.
• B)demand shifts substantially when income or the expected future price of the good changes.
• C)buyers do not respond much to changes in the price of the good.
• D)buyers respond substantially to changes in the price of the good.

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Definitions:

Subliminal Perception

The process by which stimuli are perceived without conscious awareness, influencing thoughts, feelings, or actions.

Absolute Threshold

The minimum stimulus intensity that an organism can detect at least 50% of the time.

Selective Attention

The process by which a person focuses on one or a few sensory inputs while ignoring other stimuli.

Perceptual Set

A tendency to perceive or notice some aspects of the available sensory data and ignore others, influenced by expectations, emotions, and culture.