If 400 Apple Pies Are Sold at $4 Per Pie

question 60

Multiple Choice

If 400 apple pies are sold at $4 per pie, but 600 apple pies are sold at $3 per pie, we know:

• A)​that the demand for pies is elastic over that price range.
• B)​that the demand for pies is inelastic over that price range.
• C)​that the demand for pies is unit elastic over that price range.
• D)​nothing about the elasticity of demand.

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Definitions:

Theory Theory

The idea that children learn about the world by forming theories about it, which they test and then revise in light of new evidence.

Innate Modules

Cognitive structures in the brain, believed to be pre-wired from birth, that help individuals process information in specific domains such as language and social interaction.

Reasoning Skills

The cognitive abilities that enable individuals to analyze information, solve problems, and make logical decisions.

Short-term Memory

The part of the memory system where small amounts of information can be stored for a brief period of time.