If a Business Can Sell 3000 Units of a Product

question 41

Multiple Choice

If a business can sell 3000 units of a product at $10 per unit and 5000 units at $8 per unit,its demand is:

• A)elastic
• B)perfectly elastic
• C)inelastic
• D)unit-elastic
• E)perfectly inelastic

Acknowledge the use of racial and ethnic identities in personal and societal contexts.

Understand the influence of historical and contemporary factors on racial and ethnic dynamics.

Understand various research methods used in psychology.

Recognize the importance of critical thinking in psychological research.

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Definitions:

Felony

A serious criminal offense punishable by a prison term of more than one year, or by death.

Misdemeanor

A criminal offense that is less severe than a felony, often punishable by fines or a short term in jail.

Strict Liability

A legal principle that makes an individual or organization accountable for their actions or products, eliminating the requirement for the plaintiff to demonstrate negligence or fault.

Insider Trading

Illegal buying or selling of a corporation's stock or other securities by individuals with access to nonpublic, material information about the company.