The Price Elasticity of Demand for an Agricultural Product Is

question 6

Multiple Choice

The price elasticity of demand for an agricultural product is 0.4.This value means that,when the quantity decreases 1 percent,the price

• A) falls 4 percent.
• B) rises 4 percent.
• C) falls 2.5 percent.
• D) rises 2.5 percent.
• E) rises 0.25 percent.

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Definitions:

Reinforcement Schedule

A plan or timetable in behavioral psychology that determines how and when the occurrence of a desired behavior will be rewarded.

Performance Level

The degree to which an individual or organization meets specified goals or standards.

Vicarious Learning

The process of learning by observing the actions and outcomes of others' behaviors.

Re-create Behavior

The act of deliberately imitating or replicating a previously observed action or pattern of actions.