If, When Price Changes by 35 Percent, the Quantity Demanded

question 15

True/False

If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5.

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Definitions:

Operant Conditioning

A training technique that adjusts the level of a behavior through positive reinforcement or negative punishment.

Behavior Consequences

Refers to the outcomes or results that follow an individual's behavior, which can influence future behaviors through reinforcement or punishment.

Counterconditioning

Behavior therapy procedures that use classical conditioning to evoke new responses to stimuli that are triggering unwanted behaviors; include exposure therapies and aversive conditioning.

Operant Conditioning

A learning process in which the strength of a behavior is modified by reinforcement or punishment.