If Demand for a Given Good Is Perfectly Elastic, It

question 104

Multiple Choice

If demand for a given good is perfectly elastic, it follows that

• A)as price changes, quantity demanded does not change.
• B)as price changes, quantity demanded changes by a larger percentage.
• C)as price changes only a small percentage, quantity demanded falls to zero.
• D)as income changes only a small percentage, quantity demanded changes by a very large percentage.

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Definitions:

Oversimplified Attributes

Characteristics or features of an object or situation described in a manner too simplistic, ignoring complexity or nuances.

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors when judging others' behavior.

Night Shifts

Work schedules that require employees to work during the night hours, often linked to various health and social concerns.

Performance Level

A measure of the efficacy, efficiency, or quality of an individual's or organization's work output.