Which of the Following Is True

question 118

Multiple Choice

Which of the following is true?
i.The easier it is to find substitutes for a good,the more price elastic the demand for the good is.
ii.The demand for a good is more price elastic the smaller the proportion of income spent on it.
iii.If demand is price elastic,lowering the price leads to a decrease in total revenue.

• A) only i
• B) only ii
• C) only iii
• D) i and ii
• E) i and iii

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Definitions:

Brain Damage

Physical or functional damage to the brain, potentially affecting cognitive, physical, emotional, or behavioral functions.

Atkinson-Shiffrin Model

A theoretical model of memory that describes it as consisting of three main systems: sensory memory, short-term memory, and long-term memory.

Rehearsal Systems

Methods or techniques used to practice and improve memory retention.

Procedural Memories

Long-term memories of how to perform different actions and skills. Essentially, it involves memories of motor tasks and habits.