'Assume That the Demand for Entertainment Is More Elastic Than

question 14

Multiple Choice

'Assume that the demand for entertainment is more elastic than the demand for petrol'.According to this statement, a tax levied on petrol will cause the loss of consumer surplus to be:

• A)zero (because raising the price of gasoline has no effect on the amount purchased)
• B)relatively large
• C)relatively small
• D)either small or large (depending on the elasticity of supply)

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Definitions:

Managing Diversity

Building an inclusive work environment that allows everyone to reach their full potential.

Organisational Culture

The shared values, beliefs, and practices that characterize an organization and influence its members' behavior.

Cultural Change Management

Strategies and practices aimed at shifting an organization's culture to align with new objectives, improve performance, or adapt to market changes.

Diversity Benefits

The advantages gained from incorporating a wide range of cultural, ethnic, gender, and other distinct characteristics into a group or organization.