Harvey Jones Made a Decision When He Was Uncertain of the Outcome

question 96

Multiple Choice

Harvey Jones made a decision when he was uncertain of the outcome. The decision he made is likely to be

• A)risky.
• B)unacceptable.
• C)successful.
• D)of poor quality.

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Definitions:

Inelastic Demand

A situation in which the demand for a product does not significantly change in response to a change in price.

Necessity

An essential requirement or need for survival or to maintain a certain standard of living.

Luxury

Goods or services that are considered non-essential but desired for their quality, status, or comfort they provide.

Substitutes

Products or services that can replace or be used in place of another, offering consumers alternative choices.