If an Increase in the Price of a Product from $100

question 31

Multiple Choice

If an increase in the price of a product from $100 to $200 per unit leads to a decrease in the quantity demanded from 10 to 8 units, then demand is

• A)elastic
• B)inelastic
• C)unit elastic
• D)0
• E)inferior

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Definitions:

Partial Reinforcement

A conditioning method where a response is only occasionally rewarded, leading to more resilience in the learned behavior.

Continuous Reinforcement

A learning principle where every instance of a desired behavior is reinforced, leading to rapid acquisition of the behavior.

Immediate Reinforcement

The instant reward following a specific behavior, intended to increase the likelihood of that behavior being repeated.

Punishment

A consequence delivered following an undesired behavior, intended to decrease the likelihood of that behavior occurring in the future.