Predictability of Individual Behaviour Is Improved If We Know

question 75

Multiple Choice

Predictability of individual behaviour is improved if we know

• A)that the person is rational.
• B)how the person perceives the situation.
• C)that behaviour has a cause.
• D)the person's age.
• E)the person's level of education.

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Definitions:

Perfectly Inelastic

describes a situation where the demand for a product does not change in response to changes in its price.

Unitary

Describes a system of government where there is no division of powers between regional governments and a central government, or a singular entity in a given context.

Elasticity of Supply

A measure of how the quantity supplied of a good responds to a change in the price of that good, defined as the percentage change in quantity supplied divided by the percentage change in price.

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.