Recognition Is an Example Of

question 94

Multiple Choice

Recognition is an example of:

• A) safety needs.
• B) esteem needs.
• C) self-actualization needs.
• D) physiological needs.
• E) social needs.

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Definitions:

Perfect Complements

Goods that are always consumed together in fixed proportions because their consumption provides utility only when combined, such as left and right shoes.

Income Effect

The change in an individual's consumption choices that results from a change in their real income or purchasing power.

Substitution Effect

The substitution effect occurs when consumers replace cheaper items for more expensive goods due to changes in relative prices, holding utility constant.

Slutsky Compensated Demand Curve

Represents consumer demand by adjusting for changes in purchasing power, illustrating how quantity demanded varies with price, holding utility constant.