If a 20 Percent Increase in the Price of a Used

question 293

Multiple Choice

If a 20 percent increase in the price of a used car results in a 10 percent decrease in the quantity of used cars demanded, then the demand for used cars is

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) arc elastic.

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Definitions:

Sensorimotor

The sensorimotor stage is a phase of development in which infants learn about the world through their sensory experiences and motor activities.

Formal Operational

A stage in Jean Piaget's theory of cognitive development, typically starting around age 12, where individuals develop the ability to think abstractly and critically.

Schaie's Perspective

Refers to the theoretical framework proposed by K.Warner Schaie regarding the sequential stages of cognitive development throughout the adult lifespan.

Cognitive Development

Refers to the process by which individuals acquire and develop the ability to think, reason, and understand over the course of their lives.