Which One of the Following Will Yield a Measured Price

question 93

Multiple Choice

Which one of the following will yield a measured price elasticity of demand of 5.0? A 10 percent rise in price results in a

• A)10 percent decrease in quantity demanded.
• B)5 percent decrease in quantity demanded.
• C)2 percent decrease in quantity demanded.
• D)50 percent decrease in quantity demanded.
• E)0.5 percent decrease in quantity demanded.

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Definitions:

Counterconditioning

A behavior therapy technique where a positive response is conditioned to replace a negative or unwanted response to a stimulus.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, whereby an association is made between a behavior and a consequence for that behavior.

Respondent Conditioning

A learning process in which a biological response is paired with a previously neutral stimulus through conditioning, also known as classical conditioning or Pavlovian conditioning.

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus, famously illustrated by Pavlov's dogs experiment.