_____ Occurs When an Increase in Sales Exactly Offsets a Decrease

question 161

Multiple Choice

_____ occurs when an increase in sales exactly offsets a decrease in price so that total revenue remains exactly the same.

• A) Inelastic demand
• B) Functional elasticity of demand
• C) Unitary elasticity
• D) Highly elastic demand
• E) Fixed elasticity

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Definitions:

False Consensus Effect

The cognitive bias to overestimate how much others share one’s beliefs, attitudes, and behaviors.

Nonconformist

An individual who does not conform to conventional or mainstream rules or practices.

Illusion Of Control

The tendency for people to overestimate their ability to control events, leading to unrealistic expectations about the impact of their actions.

Risky Behavior

Actions that expose individuals to harm or danger, often with a possibility of undesirable outcomes.