Derek, a 36-Year-Old Bachelor, Works for a Security Company

question 77

Multiple Choice

Derek, a 36-year-old bachelor, works for a security company. His employer has provided him with living quarters along with the minimum wage he receives. He doesn't have any close friends or family. According to Maslow's progression principle, which of the following needs of Derek is being fulfilled at present?

• A) Physiological needs
• B) Achievement needs
• C) Social needs
• D) Esteem needs
• E) Self-actualization needs

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in a market.

Quantity Demanded

The total amount of goods or services that consumers are willing and able to purchase at a given price level.

Demand

The amount of a particular good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Midpoint Formula

A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.