When Demand Is Inelastic,the Price Elasticity of Demand Is

question 16

Multiple Choice

When demand is inelastic,the price elasticity of demand is

• A)less than 1,and price and total revenue will move in the same direction.
• B)less than 1,and price and total revenue will move in opposite directions.
• C)greater than 1,and price and total revenue will move in the same direction.
• D)greater than 1,and price and total revenue will move in opposite directions.

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Definitions:

Conscious-Unconscious

Refers to the distinction between mental processes and contents that are within an individual's awareness and those that are not.

Force Field Theory

A concept developed by Kurt Lewin, suggesting that situational factors ("forces") can influence individuals' behavior by either facilitating or hindering their intentions.

Intrinsic Value

The inherent worth of something, independent of its utility or function.

Stimulus-Response Units

Basic building blocks of behaviorist theories where a specific stimulus leads to a predictable behavioral response.