If the Demand for a Product Is Price Inelastic

question 79

Multiple Choice

If the demand for a product is price inelastic,

• A)producers' revenues will increase if supply increases
• B)producers' revenues will increase if supply decreases
• C)a small change in price will cause a large shift in the demand curve
• D)a large change in price will cause a small shift in the demand curve
• E)a small change in price will cause a small shift in the demand curve

Grasp the concepts of feedback and reinforcement in the context of goal achievement and motivation.

Understand and apply the concept of positive reinforcement to improve workplace behaviour and motivation.

Recognize the importance of self-efficacy in enhancing employee performance and motivation.

Distinguish between different learning and motivation theories such as the law of effect, reinforcement theory, and self-efficacy theory.

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Definitions:

Isoquant

An isoquant is a curve that represents all the combinations of inputs that produce the same level of output in production theory.

Production Function

A mathematical representation that describes the relationship between inputs and outputs in the production process.

Output

The total amount of goods or services produced by a company or an economy.

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, reflecting the consumer's preferences.