If the Demand for a Good Is Elastic, Then

question 219

Multiple Choice

If the demand for a good is elastic, then:

• A) revenues increase when the price goes up.
• B) revenues decrease when the price goes up.
• C) any change in price is matched by an equal and opposite percentage change in quantity, so revenues stay the same.
• D) revenues decrease regardless of the direction of the price change.

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Definitions:

The Stress Response

The body's reaction to any change that requires an adjustment or response, which can be physical, mental, or emotional.

Extreme Environment

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A situation where an individual feels they do not have the power or ability to influence the outcomes or events in their life.

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The ineffectiveness of leaders to inspire, guide, or manage a team, resulting in negative outcomes for the organization or entity they lead.