For Which Good Would Consumers Be the Most Responsive to a Change

question 142

Multiple Choice

For which good would consumers be the most responsive to a change in price if good A has an elasticity of 0.05, good B has an elasticity of 0.8, good C has an elasticity of 1.8, and good D has an elasticity of 47?

• A) good A
• B) good B
• C) good C
• D) good D

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Definitions:

Situational Influences

External factors or circumstances that can affect an individual's behavior, decisions, and emotions in a given context.

Personality Traits

Characteristics and qualities that form an individual's distinctive character, influencing thoughts, feelings, and behaviors.

Role Playing

The act of adopting roles and acting them out in a social setting to explore different aspects of the self or to practice behaviors.

Cognitive Dissonance

A psychological phenomenon where there is discomfort or distress from holding two conflicting beliefs, attitudes, or values simultaneously.