If the Price of a Good Rises by 10% and the Percentage

question 173

Multiple Choice

If the price of a good rises by 10% and the percentage increase in the total amount consumers spend on the good is 15% then the good is

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

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Definitions:

Task Identity

The degree to which a job requires completion of a whole and identifiable piece of work.

Employees' Commitment

The level of enthusiasm and dedication an employee has towards their job and company.

Organizational Goals

Objectives or targets that an organization aims to achieve, which guide its operational and strategic planning.

Reinforcement Theory

A theory in psychology that suggests behavior is motivated by its consequences, with reinforcements used to either increase or decrease the likelihood of a behavior’s occurrence.