Demand Is Said to Be Unit Elastic If

question 173

Multiple Choice

Demand is said to be unit elastic if

• A) quantity demanded changes by the same percent as the price.
• B) quantity demanded changes by a larger percent than the price.
• C) the demand curve shifts by the same percentage amount as the price.
• D) quantity demanded does not respond to a change in price.

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Definitions:

Just-world Phenomenon

The cognitive bias to believe that the world is fundamentally fair, leading individuals to rationalize unjust situations by blaming the victims.

Ingroup Bias

The tendency to favor members of one's own group over those in other groups.

Scapegoat Theory

A psychological and sociological concept where individuals or groups are unfairly blamed for problems not of their making, often to deflect responsibility from the true sources.

Just-world Phenomenon

is the cognitive bias to believe that the world is fair and people get what they deserve, often used to rationalize injustice.