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If Demand Changes Greatly with Price, the Demand Is Inelastic

question 73

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If demand changes greatly with price, the demand is inelastic.


Definitions:

Cannon-Bard Theory

The theory that an emotion-arousing stimulus simultaneously triggers (1) physiological responses and (2) the subjective experience of emotion.

Physiological Arousal

A state of physical alertness and activation that is often a response to a stimulus or emotional state.

William James

A pioneering American psychologist and philosopher known for his contributions to pragmatism and functionalism and as the father of American psychology.

Physiological Arousal

Physical states of alertness or excitement, often associated with increased heart rate, respiration, and energy, in response to stimuli.

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