Luxury Items Tend to Have ________ Demand, and Necessities Tend

question 50

Multiple Choice

Luxury items tend to have ________ demand, and necessities tend to have ________ demand.

• A) relatively elastic; inelastic
• B) relatively inelastic; elastic
• C) perfectly elastic; perfectly inelastic
• D) unit elastic; perfectly inelastic

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Definitions:

Contributory Negligence

is a legal doctrine holding that if a party can be shown to have contributed to their own harm, they may be barred from recovering damages from another party who may have also been negligent.

Modified Comparative Negligence

A legal principle in tort law where damages are apportioned among parties according to the degree of fault, limiting a plaintiff's ability to recover if their fault reaches a certain threshold.

Jaywalking

The act of crossing a street outside of designated crosswalks or intersections, often considered a minor legal violation.

Speed Limit

The maximum legal speed at which vehicles may travel on a particular stretch of road, established to enhance safety and reduce accidents.