When the Price of a Movie Ticket Increases from $5

question 53

Multiple Choice

When the price of a movie ticket increases from $5 to $7, the quantity of tickets demanded decreases from 600 to 400 a day. What is the price elasticity of demand for movie tickets?

• A) 0.83
• B) 1.20
• C) 1.00
• D) 2.32

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Definitions:

Stereotyping

The act of categorizing individuals into specific groups based on generalized traits, without acknowledging individual differences.

Blaming The Victim

A phenomenon where the victim of a crime or any wrong is held entirely or partially at fault for the harm that befell them.

Group Polarization

The phenomenon whereby a group’s prevailing attitudes or beliefs become stronger or more extreme following group discussions.

Groupthink

Groupthink refers to a psychological phenomenon where the desire for group consensus and harmony results in an irrational or dysfunctional decision-making outcome.