Suppose That You Are in Charge of Pricing at a Local

question 109

Multiple Choice

Suppose that you are in charge of pricing at a local sandwich shop.The business needs to increase revenue and your job is on the line.What should you do

• A)If the demand for sandwiches is elastic, increase the price of sandwiches.
• B)If the demand for sandwiches is elastic, decrease the price of sandwiches
• C)If the demand for sandwiches is inelastic, do not change the price of sandwiches
• D)If the demand for sandwiches is inelastic, decrease the price of sandwiches.

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Definitions:

Modeling

In psychology, this is a method of learning that occurs through observing and imitating others' behaviors, attitudes, or emotional expressions.

Operant Conditioning

A training technique where behavior strength is adjusted via positive reinforcement or negative punishment.

Transference Learning

The process by which knowledge or skills learned in one context are applied to or influence learning in a different context.

Conditions of Worth

Concepts in psychology referring to the belief that one must meet certain standards in order to receive positive regard from others, leading to issues in self-esteem and self-acceptance.