The Percentage Change in the Quantity Supplied of a Good

question 154

Multiple Choice

The percentage change in the quantity supplied of a good or service when its price changes by one percent is:

• A) price elasticity of supply.
• B) price elasticity of demand.
• C) cross-price elasticity.
• D) income elasticity of supply.

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Definitions:

Foot-In-The-Door

A psychological technique that involves getting a person to agree to a large request by first setting them up by agreeing to a modest request.

Fundamental Attribution Error

The tendency to overestimate personality or dispositional factors and underestimate situational influences when explaining the behavior of others.

Slacking Off

The act of reducing effort or avoiding work altogether.

Cognitive Dissonance

The psychological distress felt when an individual has two or more opposing beliefs, ideas, or values at the same moment.