If the Price of Hairbrushes Decreases by 20 Percent,the Quantity

question 20

Multiple Choice

If the price of hairbrushes decreases by 20 percent,the quantity demanded increases by 2 percent.The price elasticity of demand is:

• A) 0.1, and is elastic.
• B) 10 and is elastic.
• C) 0.1 and is inelastic.
• D) 10 and is inelastic.

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Definitions:

Group Decision Support Systems

Computer-based systems that facilitate collaborative problem solving and decision-making processes within groups, enhancing efficiency and outcomes.

Transactive Memory

A system of collective memory where groups or partnerships share and delegate the responsibility of remembering different types of information.

Groupthink

A phenomenon that occurs within a group when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Brainstorming

A creative group problem-solving and idea-generating technique aiming to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.