If the Percentage Change in Quantity Demanded Is Less Than

question 386

True/False

If the percentage change in quantity demanded is less than the percentage change in price, then demand is said to be elastic.

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Definitions:

Operant

An action that is performed on an environment and has consequences.

Reinforcer

In behavior psychology, a stimulus that increases the likelihood that a specific behavior will occur.

Unconditioned Stimulus

A stimulus that naturally elicits a reflexive response without the need for prior conditioning.

Premack Principle

A principle of reinforcement that states a more probable behavior can be used as a reward for a less probable one to increase the less probable behavior.