If an Increase in the Price of a Product from $1

question 61

Multiple Choice

If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units,then the demand is _____

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

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Definitions:

Kohlberg's Levels

Stages of moral development proposed by Lawrence Kohlberg, ranging from pre-conventional to conventional and post-conventional morality.

Preconventional Morality

The first level in Kohlberg's theory of moral development, where understanding of right and wrong is based on rewards, punishment, and the power of authority figures.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work alone.

Individual Contribution

The unique input or effort one person provides towards a group task or project.