If the Demand Schedule for Bauxite Is Relatively Inelastic to Price

question 206

Multiple Choice

If the demand schedule for bauxite is relatively inelastic to price changes,an increase in the supply schedule of bauxite will cause a:

• A) Decrease in price and a decrease in sales revenue
• B) Decrease in price and an increase in sales revenue
• C) Increase in price and a decrease in sales revenue
• D) Increase in price and an increase in sales revenue

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Definitions:

Conditioned

The process by which an organism learns to associate two stimuli, leading to changes in behavior.

Shaping

A method of training by which successive approximations toward a desired behavior are reinforced.

Desired Response

The preferred or intended outcome of a particular behavior or action.

Closer Approximations

Represents a method or process in mathematics and science for estimating a value or position with increasing accuracy.