If the Price of Apples Went Down by 20 Percent

question 274

Multiple Choice

If the price of apples went down by 20 percent, which of the following values of the cross price elasticity for boats would be most reasonable to anticipate?

• A) 0.0
• B) 2.0
• C) -2.0
• D) -20

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Definitions:

Confirmation Bias

The bias towards identifying, comprehending, choosing, and retaining information that corroborates one’s prior convictions or suppositions.

Social Input

The information or feedback received from others in a social context that can influence one's thoughts, feelings, and behaviors.

Prejudice

Preconceived opinion or bias against someone or something not based on reason or actual experience, often manifesting as discrimination or unjust behavior towards different social groups.

Scientific Method

A systematic procedure of observation, measurement, experiment, and the formulation, testing, and modification of hypotheses.