If a 1 Percent Decrease in the Price of a Pound

question 455

Multiple Choice

If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied

• A) demand is elastic.
• B) demand is inelastic.
• C) supply is elastic.
• D) supply is inelastic.

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Definitions:

Theory X Assumptions

A management perspective that assumes employees are inherently lazy, need constant supervision, and must be enticed with rewards or threatened with punishment to perform.

Internal Locus

The belief that one has control over their own life and outcomes as opposed to external forces having that control.

Leisure Time

Free time spent away from work, business, or domestic chores, often used for relaxation or hobbies.

External Locus

A belief that one's life events are primarily controlled by external forces or the environment rather than one's own efforts.