If a 1 Percent Decrease in Price Results in Less

question 10

Multiple Choice

If a 1 percent decrease in price results in less than a 1 percent increase in the quantity demanded, demand is

• A) cross-price elastic.
• B) price inelastic.
• C) price elastic.
• D) status quo elasticity.
• E) derived demand inelastic.

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Definitions:

Reaction Norm

Reaction norm refers to the pattern of phenotypic expression of a single genotype across a range of environments. In a sense, reaction norms depict how development maps the genotype into the phenotype as a function of the environment.

Genotype

Genotype describes the genetic makeup of an individual. Although a genotype includes all the alleles of all the genes in that individual, the term is often used to refer to the specific alleles carried by an individual for any particular gene.

Natural Selection

The process by which individuals with characteristics suited to their environment are more likely to survive and reproduce, thereby influencing the genetic makeup of populations.

Linkage Disequilibrium

The non-random association of alleles at two or more loci, not necessarily on the same chromosome, that can arise from historical mutations, genetic drift, or population structure.