If the Price of a Good Increases One Percent and the Quantity

question 22

Multiple Choice

If the price of a good increases one percent and the quantity demanded of that good decreases one percent, then:

• A) the Law of Demand does not hold
• B) the price elasticity of demand is elastic
• C) the price elasticity of demand is inelastic
• D) none of the other answers

---

Definitions:

Self-efficacy

An individual's belief in their capability to execute behaviors necessary to produce specific performance attainments.

Standardized Tests

Tests that are administered and scored in a consistent, or "standard", manner, which are designed to measure a student's academic performance against a common set of criteria.

Self-control

the ability to regulate one’s thoughts, emotions, and behaviors, especially in challenging situations, in order to achieve long-term goals.

Willpower

The ability to resist short-term temptations in order to meet long-term goals.