For a Good That Is a Necessity

question 130

Multiple Choice

For a good that is a necessity,

• A)quantity demanded tends to respond substantially to a change in price.
• B)demand tends to be inelastic.
• C)the law of demand does not apply.
• D)All of the above are correct.

---

Definitions:

Plasmin

Enzyme derived from plasminogen; dissolves clots by converting fibrin into soluble products.

Fibrin

A fibrous, non-globular protein produced in the blood clotting process, essential for wound healing.

Factor XII

A clotting factor also known as Hageman factor, involved in the initiation of the coagulation cascade in blood clotting.

Osmotic Pressure

The pressure required to prevent the flow of a solvent into a solution through a semipermeable membrane, reflecting the concentration of solutes.