The Price Elasticity of Demand Is a Measure Of

question 88

Multiple Choice

The price elasticity of demand is a measure of:

• A)the change in quantity demanded of a good that results from a change in its price.
• B)the change in price of a good that results from a change in its quantity demanded.
• C)the demand for a good.
• D)how consumers respond to excess demand.

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Definitions:

Habituation

The process by which an organism becomes accustomed to a stimulus after repeated exposures.

Habituation

The process of becoming accustomed to a stimulus after repeated exposure, leading to a decrease in responsiveness.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, influencing the likelihood of that behavior being repeated.

Classical Conditioning

A teaching technique involving the repetitive pairing of two signals; a reaction initially caused by the second signal is ultimately induced by just the first signal.