If a Price Increase from $20 to $40 Causes Quantity

question 95

Multiple Choice

If a price increase from $20 to $40 causes quantity demanded to decrease from 100 units to 50 units,one can conclude that demand for the product is _____.

• A)inelastic
• B)elastic
• C)perfectly inelastic
• D)infinitely elastic
• E)unit-elastic

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Definitions:

Japanese Participants

Individuals from Japan taking part in an activity, study, or event.

American Participants

A term often used in research studies indicating the individuals taking part in the study are from the United States.

Social Cues

Nonverbal or environmental signals that are interpreted by individuals to guide their social interactions.

Ultimate Attribution Error

Tendency to attribute bad outgroup and good ingroup behaviour internally, and to attribute good outgroup and bad ingroup behaviour externally.