The Most Representative Member of a Concept Is Known as a ____

question 123

Multiple Choice

The most representative member of a concept is known as a ____.

• A) fixed-concept
• B) prototype
• C) depiction
• D) modal type

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Definitions:

Inelastic Demand

Inelastic demand refers to a market condition where the quantity demanded of a good or service changes very little in response to price changes.

Excise Tax

A tax on the production, sale, or consumption of a particular good or service within a country.

Efficiency

The optimal use of resources to achieve the best possible outcome or output with the least waste of time and effort.

Distort Incentives

A situation where economic or policy mechanisms result in unintended or undesirable behaviors, often leading to inefficiencies.