If the Demand for Product X Is Inelastic,a 4 Percent

question 4

Multiple Choice

If the demand for product X is inelastic,a 4 percent increase in the price of X will:

• A) decrease the quantity of X demanded by more than 4 percent.
• B) decrease the quantity of X demanded by less than 4 percent.
• C) increase the quantity of X demanded by more than 4 percent.
• D) increase the quantity of X demanded by less than 4 percent.

---

Definitions:

Authority Figure

An individual who holds power or influence in a particular context, often due to their position, expertise, or reputation.

Group Standard

The norms or expectations that a group holds for the behavior, attitudes, and appearance of its members.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Behavior

Everything we do that can be directly observed.