When the Price of Pistachio Nuts Is $7

question 234

Multiple Choice

When the price of pistachio nuts is $7.50 per lb., the quantity demanded is 48 lbs. When the price of peaches is $9.00 per lb., the quantity demanded is 40 lbs. When the midpoint formula is used to measure the price elasticity of demand we can say that the demand for pistachio nuts is

• A) relatively, but not perfectly, elastic.
• B) unit-elastic.
• C) completely inelastic.
• D) relatively, but not perfectly, inelastic.

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Definitions:

Behaviors

Actions or reactions of an individual in relation to the environment or situations.

Variable-Ratio Schedule

A reinforcement schedule in which the number of responses required for reinforcement varies randomly around a mean value, promoting high and steady rates of response.

Fixed-Ratio Schedule

A reinforcement strategy in behavioral psychology where a response is rewarded only after a specified number of responses.

Continuous

Pertaining to an uninterrupted occurrence or operation over time.