If a Good Is a Necessity with Few Substitutes, Then

question 236

Multiple Choice

If a good is a necessity with few substitutes, then demand will tend to:

• A) be more price-elastic.
• B) be more price-inelastic.
• C) have price elasticity equal to 1.
• D) be the same as that of a luxury good.

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Definitions:

Freud

The founder of psychoanalysis, a method for treating psychological pathology through dialogue between a patient and a psychoanalyst.

Societal Norms

Unwritten rules and expectations that regulate the behavior of people within social groups and societies.

Oedipus Conflict

A psychoanalytic theory proposed by Freud highlighting a child's unconscious sexual desire for the opposite-sex parent and jealousy towards the same-sex parent.

Moral Competence

The ability to make decisions based on ethical principles and to act in accordance with one's moral values.