The Own-Price Elasticity of Demand for Apples Is -1

question 110

Multiple Choice

The own-price elasticity of demand for apples is -1.5.If the price of apples falls by 6%, what will happen to the quantity of apples demanded?

• A)It will increase 4%.
• B)It will increase 9%.
• C)It will fall 4%.
• D)It will fall 6%.

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Definitions:

Fear Arousal

The process of inducing a state of fear in an individual, often used in psychological experiments or therapies.

Persuasive Tactic

Strategies or methods employed to convince or influence others to adopt a certain belief or follow a course of action.

Negative Consequences

Unfavorable or harmful outcomes resulting from an action, condition, or behavior.

Festinger and Carlsmith

Researchers known for their 1959 cognitive dissonance experiment, which investigated the effects of forced compliance behavior on changing attitudes.