Life -Cycle Analysis ______________

question 8

Multiple Choice

Life -cycle analysis ______________

• A)examines the life of a product to increase efficiency
• B)is an environmental movement designed to reduce municipal traffic and encourage alternative forms of transport
• C)examines the cycling of carbon in the environment
• D)defines how different organisms interact within ecosystems
• E)is the study of statistical changes in the human population

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Definitions:

Relatively Inelastic

A situation where a change in the price of a good or service causes a comparatively smaller change in the quantity demanded or supplied.

Necessities

Goods and services that are essential for survival, such as food, shelter, and healthcare, often characterized by inelastic demand.

Luxuries

Goods or services that are considered non-essential but are desired for their ability to provide comfort, convenience, or pleasure.

Elasticity Of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.