The Percentage Change in the Quantity Demanded in Response to a Percentage

question 111

Multiple Choice

The percentage change in the quantity demanded in response to a percentage change in the price is known as the

• A) slope of the demand curve.
• B) excess demand.
• C) price elasticity of demand.
• D) All of the above.

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Definitions:

Respondent Behavior

A type of reaction in behaviorism where an organism responds to a stimulus in a reflexive or automatic manner.

Operant Chamber

Also known as a Skinner Box, it is a laboratory apparatus used to study animal behavior through operant conditioning.

Reinforcer

Any stimulus, which, when presented after a response, increases the likelihood of that response occurring again in the future.

Classical Conditioning

Acquiring knowledge through the process of linking an environmental stimulus with a naturally happening one.