If the Supply of a Good Decreases and It Causes

question 174

Multiple Choice

If the supply of a good decreases and it causes total revenue to increase,this shows that the good has an

• A) inelastic demand
• B) elastic demand
• C) unit elastic demand
• D) inelastic supply
• E) elastic supply

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Definitions:

Behaviorists

Psychologists who focus on observable behaviors and the ways in which they're learned, often through conditioning, without reference to mental processes.

Conditioning

A basic kind of learning that involves associations among environmental stimuli and an organism’s behavior.

Unconditioned Response

An automatic, natural reaction to a stimulus that does not require any learning process to occur.

Salivation

The secretion of saliva, often stimulated by the sight, smell, or taste of food.