Geoff Customizes Trek Trail Bikes

question 19

Multiple Choice

Geoff customizes Trek trail bikes. No two bikes are alike. He notices that very few customers even ask the price of his trail bikes before they decide to purchase them. Demand for his trail bikes is probably

• A)price sensitive.
• B)price elastic.
• C)price inelastic.
• D)income elastic.
• E)cross-price elastic.

Understand the concept of a fiduciary relationship and its implications for trustworthiness in professional settings.

Comprehend the circumstances where withholding judgment on the plausibility of claims is appropriate.

Evaluate the impact of financial incentives on the trustworthiness of an expert's advice.

Recognize the role of confirmatory information in assessing the plausibility of claims and the potential for money to subvert objectivity.

---

Definitions:

Means of Production

The physical, non-human inputs like factories, machines, and tools required for the production of goods.

Karl Marx

A German philosopher, economist, and revolutionary socialist known for his works on capitalism and communism.

Friedrich Engels

A German philosopher, social scientist, and journalist, who, alongside Karl Marx, co-developed the communist theory.

Capitalistic Economic System

An economic system where trade and industry are controlled by private owners for profit, rather than by the state.