When Quantity Moves Proportionately the Same Amount as Price,demand Is

question 87

Multiple Choice

When quantity moves proportionately the same amount as price,demand is

• A)elastic,and the price elasticity of demand is 1.
• B)perfectly elastic,and the price elasticity of demand is infinitely large.
• C)perfectly inelastic,and the price elasticity of demand is 0.
• D)unit elastic,and the price elasticity of demand is 1.

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Definitions:

Maximum Satisfaction

Refers to the highest level of contentment or utility that a consumer can achieve from consuming goods and services, given their budget constraints.

Hardwired Heuristics

Ingrained rules of thumb or cognitive shortcuts humans use to make decisions or solve problems quickly, based on evolutionary psychology.

Behavioral Changes

Modifications or adjustments to personal actions or reactions that can have various triggers, including health interventions, environmental shifts, or personal decisions.

Information

Data, knowledge, or insights that can be used for making decisions, informing oneself or others, or as a means to understand various aspects of reality.