The Concept of Price Elasticity of Demand Measures

question 176

Multiple Choice

The concept of price elasticity of demand measures

• A)the slope of the demand curve.
• B)the number of buyers in a market.
• C)the extent to which the demand curve shifts as the result of a price decline.
• D)the sensitivity of consumer purchases to price changes.

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Definitions:

Conditioned Stimulus

A formerly neutral signal that, once paired with an unconditioned stimulus, begins to elicit a conditioned reaction.

Unconditioned Stimulus

In classical conditioning, it is a stimulus that naturally and automatically triggers a response without any prior learning.

Conditioned Response

A learned reaction to a previously neutral stimulus that has been repeatedly paired with an unconditioned stimulus causing an automatic response.

Taste Aversions

A learned response to eating spoiled or toxic food, resulting in an aversion to the taste of foods associated with illness or poor experiences.