When Economists Say the Demand for a Good Is Highly

question 119

Multiple Choice

When economists say the demand for a good is highly inelastic, they mean that

• A) even if the price rose substantially, suppliers would be unwilling to offer much more of the good.
• B) the facilities utilized by producers of the good are inflexible; producers cannot easily expand their facilities, even in the long run.
• C) consumers will respond to a change in the price of the good by purchasing substantially more of it.
• D) a large (percentage) change in the price of a good will result in only a small (percentage) change in the quantity demanded.

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Definitions:

Wilhelm Wundt

Considered the father of experimental psychology, he established the first psychology laboratory at the University of Leipzig in 1879, marking the beginning of psychology as a separate science.

Psychology Laboratory

A facility specifically designed for psychological research, experiments, and the study of human behavior and cognitive processes.

Mental-health Clinic

A specialized facility offering services and support for individuals with mental health disorders, including therapy, counseling, and medication management.

William James

An American psychologist and philosopher considered one of the leading thinkers of the late 19th century, known for his works on pragmatism and functional psychology.