If Income Elasticity of Demand Is 2

question 198

Multiple Choice

If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 percent for every __________ percent __________ in income.

• A)rise; 2.12; fall
• B)rise; 1.0; rise
• C)fall; 1.0; rise
• D)fall; 2.12; fall
• E)none of the above

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Definitions:

Ethical Procedures

Guidelines and principles designed to ensure fairness, respect, and integrity in research and professional practice.

Milgram's Obedience Studies

A collection of experiments in social psychology carried out by Stanley Milgram, assessing how likely individuals are to follow orders from an authority figure that clash with their own moral compass.

Obedience

The act of following orders or directions from authority, or conforming to rules or laws.

Bystander Effect

In social psychology, this refers to the occurrence where people are less inclined to provide aid to someone in distress if there are others present.