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:

Criminal Liability

The legal responsibility or obligation of an individual who has committed a crime, subjecting them to prosecution and punishment.

State of Mind

The particular condition or mood a person is in at any given time, often relevant in determining intent in legal contexts.

Intent

The purpose or aim behind an action, demonstrating a conscious decision to perform that particular act.

Larceny

The wrongful taking and carrying away of another person’s personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit, depending on the property’s value.