If 100 Shirts Are Sold When the Unit Price Is

question 43

Multiple Choice

If 100 shirts are sold when the unit price is $10, while 75 shirts are sold when the unit price is $15, one can conclude that in this price range,

• A) demand for the shirts is elastic.
• B) demand for the shirts is inelastic.
• C) demand for the shirts has shifted to the right.
• D) consumers are quite sensitive to changes in the price of the shirt.

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Definitions:

Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, which highlights the impact of social experiences across the lifespan.

Young Adulthood

A life stage typically ranging from late teens through the twenties, characterized by exploration, identity formation, and the onset of independence.

Cognitive Process

The series of mental activities involved in understanding, processing, storing, and retrieving information.

Piaget

A Swiss psychologist known for his pioneering work in child development, specifically for his theory of cognitive development that describes how children develop intellectual abilities.