According to the Enhancing Well-Being with Psychology Feature at the End

question 344

Multiple Choice

According to the Enhancing Well-Being with Psychology feature at the end of Chapter 1, which of the following statements is TRUE?

• A) Testimonials from people who have actually used a psychology-related product, such as a hypnosis tape, represent strong evidence that a product is effective.
• B) You would be wise to assume that your life experiences are identical to those of the vast majority of people.
• C) You can trust the accuracy of a newspaper or magazine report of psychological findings as long as it appears in a well-known publication.
• D) Correlational studies are often reported in the mass media with the implication that a cause-and-effect relationship exists.

---

Definitions:

Price Inelastic

Refers to a situation where the demand for a product does not change much with a change in price.

Demand Curve Elastic

A characteristic of the demand curve where the quantity demanded by consumers changes significantly as a result of price changes.

Total Revenue

Total revenue is the total amount of money received by a firm from selling its goods or services before any expenses are deducted.

Price Elasticity

A measure of how sensitive the quantity demanded of a good is to a change in its price.