When the NES Group Lowered the Price of Its Professional-Grade

question 176

Multiple Choice

When the NES Group lowered the price of its professional-grade meat slicers from $2,300 to $1,600,demand doubled from 4 units sold per month to 8 units per month.However,total revenue dropped.This is an example of:

• A) substitute goods
• B) unitary elasticity
• C) elastic demand
• D) consumer shortage
• E) inelastic demand

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Definitions:

Psychological Journal

A scholarly publication that features articles and research findings related to the field of psychology and mental health.

G. Stanley Hall

A pioneering American psychologist and educator best known for his work in developmental psychology and educational theory.

First Ph.D.

The awarding of the first Doctor of Philosophy degree, which historically marked the highest level of academic achievement in a specific field of study.

Conscious Experience

The awareness of one's own thoughts, feelings, and perceptions, including the environment around them; the subjective experience of being alive and aware.