If Demand Is Elastic, a Change in Price Causes a Parallel

question 69

True/False

If demand is elastic, a change in price causes a parallel change in total revenue.

---

Definitions:

Extinction

In psychology, the gradual weakening and disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

CS (Conditioned Stimulus)

An initially neutral stimulus that, after being associated with an unconditioned stimulus, eventually comes to trigger a conditioned response.

UCS (Unconditioned Stimulus)

An unconditioned stimulus is something that naturally and automatically triggers a response without any learning needed (e.g., food causing salivation in dogs).

Classical Conditioning

A conditioning process where two stimuli are systematically paired; the response, at first provoked by the second stimulus, is gradually elicited by the first stimulus alone.