If a Change in the Price of a Product Results

question 67

Multiple Choice

If a change in the price of a product results in no change in total revenue,what must be the case

• A)The demand for the product must be elastic.
• B)The demand for the product must be inelastic.
• C)The demand for the product must be unit elastic.
• D)The demand for the product must be revenue inelastic.

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Definitions:

Observational Learning

The act of acquiring behaviors through observation and replication of others.

Classical Conditioning

A method of instruction that occurs by forming associations between a stimulus present in the surroundings and a spontaneously occurring stimulus, culminating in an acquired response.

Operant Conditioning

A strategy of learning wherein the impact of a response is adjusted through the provision of incentives or the application of penalties.

Evolutionary Perspective

An approach in psychology that seeks to explain mental and psychological traits—such as memory, perception, or language—as adaptations, i.e., as the functional products of natural selection.