Elastic Demand Is a Characteristic of Demand for a Good

question 5

Multiple Choice

Elastic demand is a characteristic of demand for a good where, at a given price, a 1% change in the price of a good leads to ____________ 1% change in the quantity demanded of that good.

• A) a more than
• B) a less than
• C) exactly a

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Definitions:

Framed

In psychology, framing refers to the way information is presented to influence decision making and judgment.

Unchanging

Not altering, modifying, or evolving; remaining the same over time.

Forgetting Curve

A graph showing how the ability to retain information decreases over time without attempts to retain it.

Retention

The ability to maintain possession of information or knowledge over time, often used in the context of learning and memory.