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

question 97

Multiple Choice

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

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

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Definitions:

Electrophysiological Recording

A method used in neuroscience to monitor the electrical activity of the nervous system, including the brain, heart, and muscles.

Cortical Cells

Specialized cells in the brain's cortex involved in processing information, sensory perception, and motor commands.

Visual System

The portion of the central nervous system that allows organisms to process visual detail, encompassing the eye, optic nerves, and brain.

Feature Detectors

Neurons in the brain that respond to specific features of a stimulus, such as edges, lines, or movements.