Along the Elastic Range of a Demand Curve, a Price

question 24

Multiple Choice

Along the elastic range of a demand curve, a price change causes:

• A) a change in total revenue in the opposite direction.
• B) a change in total revenue in the same direction.
• C) no change in total revenue.
• D) an unpredictable change in the total revenue.

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Definitions:

Conditioned Responses

Learned reactions or responses to certain stimuli that occur as a result of conditioning, such as in classical and operant conditioning.

Garcia

A reference likely to John Garcia, known for his research on taste aversion learning showing that an organism can learn to avoid a substance after a negative experience.

Operant Conditioning

An approach to learning where behaviors are influenced to be repeated or not through the administration of punishments and rewards.

Self-modification

The process of changing one's behavior or characteristics by oneself, often with the aim of improving personal well-being.