If the Demand for a Product Is Elastic,then a Rise

question 15

Multiple Choice

If the demand for a product is elastic,then a rise in price will

• A)cause total spending on the good to increase.
• B)cause total spending on the good to decrease.
• C)keep total spending the same,but reduce the quantity demanded.
• D)keep total spending the same,but increase the quantity demanded.

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Definitions:

Reflexively

Acting in an automatic or involuntary manner without conscious thought.

Conservation

In psychology, it refers to a child's ability to understand that quantities remain constant despite changes in their shape or arrangement, as elaborated by Jean Piaget. In environmental science, it pertains to the preservation and protection of natural resources.

Object Permanence

The concept that things continue to exist even when they are not visible, audible, or tangible.

Secure Attachment

A type of attachment characterized by trust, a sense of security, and positive relationships, typically developing from consistent caregiver responses in early childhood.