If the Percentage Change in the Quantity Demanded of a Good

question 148

Multiple Choice

If the percentage change in the quantity demanded of a good equals the percentage change in price, price elasticity of demand is:

• A) elastic.
• B) inelastic.
• C) perfectly elastic.
• D) unitary elastic.

---

Definitions:

Probability

A mathematical measure of the likelihood of a particular event occurring, expressed as a number between 0 and 1.

Successive Approximations

A method in behavioral psychology where rewards are given for behaviors that increasingly resemble the target behavior.

Shaping

Rewarding successive approximations of a desired behavior.

Rewarding

Providing a positive reinforcement following desirable behavior, thereby increasing the likelihood of the behavior's recurrence.