The Demand for Umbrellas Is Price Inelastic

question 7

Multiple Choice

the demand for umbrellas is price inelastic,

• A)changes in price do not affect the number of umbrellas demanded.
• B)if more umbrellas are sold as the result of a price decrease,total expenditures by consumers on umbrellas will decrease.
• C)the percentage change in price is less than the percentage change in quantity demanded.
• D)the percentage change in quantity demanded is greater than the percentage change in price.
• E)none of the above

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Definitions:

Self-Actualization

The act of fulfilling one's innate abilities and potentials, recognized as a fundamental motivation or desire in every person.

Growth Needs

Psychological needs that drive an individual to achieve personal development and realizaiton, inspired by Maslow's higher-order needs.

Esteem Needs

Esteem needs encompass an individual's desire for respect, self-esteem, self-confidence, and the recognition and appreciation from others.

Achievement Motivation

Describes a person's drive to strive for success and accomplish challenging goals.