If the Percentage Change in Price Is 5% and the Percentage

question 139

Multiple Choice

If the percentage change in price is 5% and the percentage change in quantity supplied is 10% then the supply for the good is

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

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Definitions:

Unconditioned Stimulus

An unconditioned stimulus is a stimulus that naturally triggers a response without the need for prior learning.

Conditioned Stimulus

A previously neutral stimulus that, after becoming associated with an unconditioned stimulus, eventually comes to trigger a conditioned response.

Meat Powder

In classical conditioning research, a substance used by Ivan Pavlov that triggered salivation in dogs as an unconditioned stimulus.

Classical Conditioning

An educational procedure involving the repeated pairing of two stimuli, resulting in a reaction initially caused by the second stimulus being provoked by only the first stimulus over time.