The Price of Pens Increases from $2 to $2

question 218

Multiple Choice

The price of pens increases from $2 to $2.20. At the same time, the quantity of pens demanded decreases from 100 to 90. Demand for pens is:

• A)perfectly inelastic.
• B)inelastic.
• C)unitary elastic.
• D)elastic.

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Definitions:

Influence Effectively

The ability to sway or alter someone's behavior, decisions, or opinions in a meaningful and positive way.

Bathsheba Syndrome

An ethical failure observed in leaders who have achieved significant power and success, leading to moral lapses or unethical behavior.

Personal Integrity

The quality of being honest and having strong moral principles that one refuses to violate.

Hierarchical Thinking

An approach that emphasizes a structured order or ranking within systems or organizations, often focusing on varying levels of importance or authority.