If a Good Is a Necessity, It Has ________ Substitutes

question 91

Multiple Choice

If a good is a necessity, it has ________ substitutes and its demand is ________.

• A) poor; elastic
• B) many; elastic
• C) many; inelastic
• D) poor; inelastic
• E) many; precisely unit elastic

Understand the role of leadership and role models in promoting ethical behavior.

Recognize the importance of whistle blowing in maintaining ethical standards.

Explain the classification of factory employees' work in producing goods.

Distinguish between direct and indirect materials, and labor in the cost structure.

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Definitions:

OBD II

On-Board Diagnostics II, a standardized system in vehicles that monitors and reports on the status of various vehicle subsystems.

OBD II

On-Board Diagnostics, second generation; a standardized system that allows electronic access to a vehicle's diagnostic information.

Malfunctions

Failures or dysfunctions in a system, equipment, or part, often causing it to operate incorrectly or not at all.

Emissions

Pollutants released into the air from sources such as vehicles, factories, and power plants, often regulated to protect environmental and public health.