Assuming Elasticity Is Reported in Absolute Value,a Measured Elasticity of One

question 59

Multiple Choice

Assuming elasticity is reported in absolute value,a measured elasticity of one implies:

• A)the percentage change in quantity demanded will exactly equal the percentage change in price.
• B)the percentage change in quantity demanded will always exactly equal one.
• C)both the percentage change in price and quantity demanded exactly equal one.
• D)None of these is true.

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Definitions:

Acquired Drive

An internal drive state produced when an environmental stimulus is paired with an unconditioned source of drive.

Environmental Cues

External signals or stimuli that can influence behavior and perception.

Anticipatory Goal Response

A reaction that occurs when an individual anticipates achieving a goal, motivating behaviors toward goal attainment.

Deprivation

The state of lacking or being denied something considered to be a necessity.