As One Moves Southeast on a Downward Sloping Demand Curve

question 58

Multiple Choice

As one moves southeast on a downward sloping demand curve

• A)Demand becomes more elastic
• B)Demand becomes more inelastic
• C)Elasticity stays the same
• D)One cannot tell what happens to elasticity unless the demand curve is linear

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Definitions:

Epistemology

The study of human knowledge and its nature, sources, and justification.

Knowledge

Information, understanding, or skill that one gets from experience or education; the theoretical or practical understanding of a subject.

Jürgen Habermas

A German sociologist and philosopher known for his theory on the public sphere, discourse ethics, and the concept of communicative rationality.

Rationality

Primarily, the ability to think and to act according to goals, plans, and strategies. Rationality is also thinking well and effectively and having good, well-conceived goals, plans, and strategies. In the first instance, rationality is to be contrasted with nonrationality; in the second instance, it is contrasted with irrationality. Worms are nonrational; fools and fanatics are irrational.