Case-Based Critical Thinking Questions

question 92

Multiple Choice

Case-Based Critical Thinking Questions
Case 10-1
You have been having some difficulty in your economics class this semester,so you have requested support from a tutor.One topic that is giving you trouble at the moment is the price elasticity of demand.
-Increasing the price of an object by 10% decreases demand by 20%.This is an example of what kind of elasticity,according to your tutor?

• A) Relatively inelastic
• B) Perfectly inelastic
• C) Relatively elastic
• D) Perfectly elastic

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Definitions:

Seniority

The concept of giving preference to employees with longer tenure in aspects of employment such as promotions, pay increases, and layoffs.

Equal Distribution

A principle of fairness where resources, wealth, or opportunities are shared equally among all members of a society or group.

Historical Benchmark

A reference point or standard for comparison derived from past data or trends, used in evaluating current performance or conditions.

Gain-sharing Plan

A type of incentive plan that gives employees a share of the company's profits, based on the improvement of operational efficiency and performance.