If the Demand for New Cars Is Elastic, an Increase

question 215

Multiple Choice

If the demand for new cars is elastic, an increase in price will result in

• A) an increase in profits.
• B) an increase in total revenue.
• C) a decrease in total revenue.
• D) an increase in the quantity demanded.

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Definitions:

Observed Behavior

Actions or reactions of an individual in various situations, which are watchable and measurable by others or oneself.

First Impressions

The immediate thoughts and judgments formed about a person or situation upon initial exposure.

Big Five Personality Traits

A model outlining five broad dimensions used to describe human personality: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.

Neurotic

A neurotic is an individual prone to experiencing negative emotional states such as anxiety, anger, or depression, often due to an imbalance in normal psychological functioning.