When Quantity Demanded Responds Strongly to Changes in Price,demand Is

question 22

Multiple Choice

When quantity demanded responds strongly to changes in price,demand is said to be

• A)fluid.
• B)elastic.
• C)dynamic.
• D)highly variable.

Identify personality characteristics suited to specific job environments.

Define and understand the concept of neuroticism and its effects on behavior.

Differentiate between various components of self-concept and their implication in organizational behavior.

Understand the fundamental ethical principles in decision-making.

---

Definitions:

Apparent Agency

A situation where a principal indirectly indicates that another (the agent) is authorized to act, leading a third party to believe that the agent is acting within their authority.

Contractual Capacity

The legal ability of a person to enter into a binding contract.

Lawful Purpose

Involves activities or objectives that are not illegal or prohibited by law, often a prerequisite in contract law to ensure that the contract’s intent complies with legal standards.

Agency Relationship

A legal relationship between two parties, where one (the agent) is authorized to act on behalf of the other (the principal) in legal or business dealings.