If the Price Elasticity of Demand Is Elastic, Then

question 25

Multiple Choice

If the price elasticity of demand is elastic, then:

• A) Ed
• B) consumers are relatively not very responsive to a price increase.
• C) an increase in the price will increase total revenue.
• D) there are likely a large number of substitute products available.

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Definitions:

Genetically Transmitted Vulnerability

The predisposition to develop certain medical or psychological conditions inherited through one's genes from parents.

Recessive Gene

A gene that produces its characteristic phenotype only when its allele is identical.

Personality Disorders

A class of disorders marked by extreme, inflexible personality traits that cause subjective distress or impaired social and occupational functioning.

Lifetime Prevalence

The proportion of individuals in a population who have experienced a particular condition at any time in their life.