If the Percentage Change in Quantity Demanded Is Equal to the Percentage

question 93

Multiple Choice

If the percentage change in quantity demanded is equal to the percentage change in price for good Z, then demand for good Z is

• A)inelastic.
• B)unit elastic.
• C)elastic.
• D)perfectly elastic.
• E)perfectly inelastic.

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Definitions:

Individual Distinction

The aspects that make a person unique or set them apart from others, often related to personal achievements or characteristics.

External Attributions

The process of ascribing the cause of one’s own or others’ behavior to external factors or circumstances.

Self-serving Bias

A cognitive bias where individuals attribute their successes to internal factors and failures to external factors.

In-group/out-group Bias

Describes the tendency to favor members of one's own group (the in-group) over those from different groups (the out-group), often leading to prejudice and discrimination.