Use the Following Information to Answer the Next Two Questions

question 44

Multiple Choice

Use the following information to answer the next two questions:
Cigarettes - Price Elasticity of demand = -0.67
Alcohol - Price elasticity of demand=-1.00
Sodas - Price elasticity of demand=-1.28
-Out of the three products,which product has a unitary elastic demand curve?

• A)Cigarettes
• B)Alcohol
• C)Sodas
• D)None of the above

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Definitions:

Accessibility heuristic

A cognitive shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.

Decision method

Refers to the systematic process or technique used to make choices or solve problems.

Lunch schedule

A designated time period set aside during the day for a meal break, typically in educational institutions and workplaces.

Groupthink

Is the tendency of cohesive group members to lose their critical evaluative capabilities.