Consider Some Price Range in Which a Slight Change in Either

question 59

True/False

Consider some price range in which a slight change in either direction will have practically no effect on total revenue.This part of the demand curve is said to have unitary elasticity.

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Definitions:

Extinguishes

The process by which a previously learned behavior decreases in frequency or disappears as a result of non-reinforcement.

Edward L. Thorndike

A prominent American psychologist known for his work in behaviorism and the development of the Law of Effect, which suggests that responses to stimuli that are followed by satisfaction are more likely to recur.

Environmental Contingencies

External conditions or situations that affect the outcome of certain behaviors or processes.

Cognitive Maps

The mental representations of physical locations, spaces, or the environment that an individual has.