"Last October, Due to an Early Frost, the Price of a Pumpkin

question 200

Multiple Choice

"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement, the

• A) demand for pumpkins is elastic.
• B) demand for pumpkins is inelastic.
• C) demand for pumpkins is unit elastic.
• D) demand curve for pumpkins shifted rightward.

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Definitions:

Signal Detection

A technique used to determine the ability to differentiate between information-bearing patterns and random patterns that distract from the information.

Yea-Sayers

Individuals who have a tendency to agree with statements or questions, often affecting the validity of survey or psychological test results.

Naysayers

Individuals who express negativity or skepticism towards ideas, plans, or changes, often discouraging progress.

Misses

In the context of signal detection theory, instances where a present signal is not detected or recognized.