The Extent to Which the Demand for a Good Changes

question 194

Multiple Choice

The extent to which the demand for a good changes when the price of a substitute or complement changes,other things remaining the same,is measured as the

• A) income elasticity of demand.
• B) cross elasticity of demand.
• C) price elasticity of demand.
• D) price elasticity of supply.
• E) cross income elasticity of demand.

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Definitions:

Internal-Unstable Attribution

An explanation for behavior emphasizing internal but changeable factors, such as mood or effort.

Lecturer

A person who gives talks or speeches on specific subjects, often in an academic or educational setting.

Cognitive Miser

A model of social cognition that characterises people as using the least complex and demanding cognitions that are able to produce generally adaptive behaviours.

Cognitive Heuristics

Mental shortcuts or rules of thumb that simplify decision-making processes, often leading to quick but sometimes inaccurate judgments.