Which of the Following Would Be Most Likely to Receive

question 119

Multiple Choice

Which of the following would be most likely to receive high economic rent payments?

• A) farmer
• B) professional baseball player
• C) factory worker
• D) doctor

---

Definitions:

Elastic Demand

Elastic Demand occurs when the quantity demanded of a product changes significantly as its price changes.

Luxury Items

Goods and services that are considered non-essential but desirable, often characterized by their high quality, exclusivity, and high price.

Necessities

Basic needs or essential goods and services required for individuals to maintain a minimum standard of living, such as food, shelter, and healthcare.

Cross-Price Elasticity

A measure of the responsiveness of demand for one good to a change in the price of another good.