If a Good Has an Elastic Demand, Then

question 19

Multiple Choice

If a good has an elastic demand, then:

• A) a small percentage change in price will cause a larger percentage change in quantity demanded.
• B) a small percentage change in price will cause virtually no change in quantity demanded.
• C) a large percentage change in price will cause a smaller change in quantity demanded.
• D) any percentage change in price will cause an almost immediate response in quantity demanded.

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Definitions:

Stereotypes

Oversimplified generalizations about a group of people, ignoring individual differences and based on assumptions rather than factual evidence.

Discrimination

The unfair treatment of people based on their race, age, or gender, leading to bias and discrimination.

Groupthink

A mental occurrence happening among a group where the need for consensus or conformity leads to unreasonable or ineffective decisions.

Foot-in-the-Door Technique

A persuasion strategy that involves getting a person to agree to a small request to increase the chances they will agree to a larger request later.