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In a study of interpersonal attraction, subjects watched a videotape featuring a person who was (1) either competent or incompetent, and (2) either did or did not spill coffee on himself (i.e., "blundered") . After watching the tape, all subjects indicated how much they liked the person in the film on a seven-point scale. Consider the following outcome: This outcome shows
Price Elasticity of Supply
The measure of how the quantity supplied of a good changes in response to a change in its price.
Midpoint Formula
A method used in economics to calculate the elasticity of a variable, often used to estimate the price elasticity of demand by averaging the start and end points of a demand curve.
Elastic
A characteristic of a product or service demand that indicates a sensitivity to price changes, where a small change in price leads to a significant change in quantity demanded or supplied.
Immediate Market Period
A very short time frame in which the supply of goods is fixed, meaning that the quantity available for sale cannot be changed regardless of price.
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