Suppliers Would Be Less Eager to Organize to Restrict Output

question 28

Multiple Choice

Suppliers would be less eager to organize to restrict output if they faced a:

• A) less elastic demand.
• B) more elastic demand.
• C) perfectly inelastic demand.
• D) unit-elastic demand curve.

---

Definitions:

Psychological Needs

Emotional or mental necessities that are essential for mental health and well-being, such as the need for love, esteem, or self-actualization.

Habitual Decision Making

A purchase decision process in which consumers engage with little conscious effort.

Unsatisfied Need

A condition or state where an individual's desires or requirements are not met, potentially creating a space for new products or services to fulfill that gap.

Functional Needs

The practical or utilitarian requirements that consumers seek in products or services, which fulfill specific functions or tasks.