The Demand for a Good Is Elastic

question 62

Multiple Choice

The demand for a good is elastic. Which of the following would be the most likely explanation for this?

• A) The good is a necessity.
• B) The good is broadly defined.
• C) The good costs a large portion of one's total income.
• D) The time interval considered is short.

---

Definitions:

Generativity

A stage of psychosocial development, in adulthood, concerned with establishing and guiding the next generation.

Job Satisfaction

The level of contentment individuals feel with their job, including aspects like work environment, role, and compensation.

University Employees

Individuals who work within a university setting, including faculty, administration, and support staff, contributing to the institution's academic, operational, and cultural framework.

Five-Factor Model

A theory in psychology that identifies five major dimensions of human personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.