The Demand for a Good Is Elastic If _____

question 165

Multiple Choice

The demand for a good is elastic if _____

• A)an increase in price leads to a decrease in total revenue.
• B)an increase in price leads to an increase in total revenue.
• C)an increase in price causes no change in total revenue.
• D)a decrease in price causes no changes in total revenue.
• E)a decrease in price leads to a decrease in total revenue.

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Definitions:

Taboos

Social or cultural prohibitions against certain practices, discussions, or expressions deemed unacceptable by a community.

Consumerism

The preoccupation with and inclination towards the buying of goods and services.

Ethnocentrism

The belief in the superiority of one's own ethnic group or culture, often manifesting as prejudice or bias against others.

Sapir-Whorf Thesis

A concept in linguistic anthropology suggesting that the structure of a language affects its speakers' perception and categorization of the world.