If a Good Is Very Inexpensive but Is a Necessity,you

question 43

Multiple Choice

If a good is very inexpensive but is a necessity,you predict that demand for the good:

• A)is price-elastic.
• B)is price-inelastic.
• C)is price unit-elastic.
• D)has indeterminable price elasticity.

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Definitions:

Smell

The sensory perception of odorants by the olfactory system, enabling the detection and identification of chemicals in the environment.

Olfaction

The sense of smell, a chemical sensing system processing odors.

Memories

The mental storage of information, experiences, and learning, which can be recalled to inform and guide current behavior and thinking.

Fechner's Law

A principle in psychophysics that quantifies the relationship between the intensity of a physical stimulus and the intensity of the sensation it produces, suggesting a logarithmic relationship.