Use the Following to Answer Questions

question 194

Multiple Choice

Use the following to answer questions:
Figure: The Demand Curve
-(Figure: The Demand Curve) Look at the figure The Demand Curve. Between prices $4 and $5, demand is _____, and total revenue will _____ if price increases.

• A) elastic; increase
• B) elastic; decrease
• C) inelastic; increase
• D) inelastic; decrease

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Definitions:

Cognitive Dissonance

The psychological unease felt when an individual simultaneously possesses conflicting beliefs, ideas, or values.

Dissonance

A state of conflict or inconsistency between one's beliefs, attitudes, or actions, often leading to discomfort and change.

Textbook

A published collection of scholarly written material covering particular subjects, often used for academic study.

Sternberg

Refers to Robert Sternberg, an American psychologist who proposed the Triarchic Theory of Intelligence, which includes analytical, creative, and practical intelligence.