Hakim Walked into His House One Summer Day and Discovered

question 77

Multiple Choice

Hakim walked into his house one summer day and discovered that the air conditioning was not working.He did not get upset because the last time this happened,he found a great repair company that was fast and affordable;he also had a couple of fans that he used to keep cool until the AC was restored.Hakim did not experience excessive stress because

• A)his appraisal of the stressor told him he could cope with it.
• B)he had a plan in place due to his last experience with the repair company.
• C)he has low self-esteem and knew he could not fix the AC himself.
• D)he has a Type A personality.

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Definitions:

Slightly Elastic

Slightly elastic refers to a situation where a small change in price leads to a relatively small change in the quantity demanded or supplied.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating its sensitivity to price changes.

Total Revenue

The total amount of money generated by the sale of goods or services related to the company's primary operations.

Elastic

Describes a situation where the demand or supply for a good or service significantly changes in response to a change in price.