If the Price Elasticity of Demand Is -1

question 196

Multiple Choice

If the price elasticity of demand is -1.2, economists would say the demand is:

• A) elastic.
• B) inelastic.
• C) unit elastic.
• D) unelastic.

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Definitions:

Observational Learning

Learning that occurs through observing the actions of others and the consequences of those actions, without direct experience.

Classical Conditioning

An acquisition of knowledge process that forms by associating an environmental stimulus with a natural one.

Operant Conditioning

A learning mechanism characterized by the adaptation of behavior strength through the provision of incentives or deterrents.

Latent Learning

A form of learning that occurs without immediate reinforcement and is not demonstrated until there is motivation to do so.