Psychologists Gather Data Using

question 63

Multiple Choice

Psychologists gather data using

• A) media reports.
• B) empirical investigations.
• C) common sense.
• D) second-hand reference.
• E) careful thought.

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Definitions:

Inelastic

A characteristic of demand or supply that signifies a limited response to changes in prices or other economic factors.

Unit Elastic

A situation where a percentage change in the price of a good results in an equal percentage change in the quantity demanded.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.

Elastic

Elastic describes a situation in economics where the quantity demanded or supplied changes significantly in response to price changes.