An Elasticity of 1

question 21

Multiple Choice

An elasticity of 1.5 means that a 1% change in price will lead to a _____% change in quantity demanded.

• A)0.5
• B)1.0
• C)1.5
• D)3.0
• E)15

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Definitions:

Disappointment

Disappointment is a feeling of dissatisfaction that arises when expectations or hopes are not met.

Positive Buffer

Positive buffer is a technique used in communication to soften the impact of negative news or feedback with preceding positive statements.

Acknowledges Receipt

The confirmation of having received something, such as a document, message, or goods.

Indirect Claim Message

An indirect claim message is a communication method where the writer first presents reason and explanation before stating a complaint or request, aiming to minimize potential conflict or opposition.