If the Price of a Good Increases by 5% and the Quantity

question 170

Multiple Choice

If the price of a good increases by 5% and the quantity demanded remains unchanged, then at that price, the good is

• A)elastic.
• B)inelastic.
• C)perfectly inelastic.
• D)perfectly elastic.

---

Definitions:

Attentional Process

The cognitive procedures that allow an individual to concentrate on specific environmental stimuli while ignoring others, crucial for learning and decision-making.

Imitate

The act of copying or reproducing someone else's behavior, actions, or expressions, often as a method of learning or fitting in.

Self-Efficacy

One's belief in their ability to succeed in specific situations or accomplish a task.

Career Choice

The process of deciding on a path for employment, which involves considering personal interests, skills, values, and the market demand for specific jobs.