Which of the Following Is Likely to Have the Most

question 113

Multiple Choice

Which of the following is likely to have the most inelastic demand?

• A) insulin, for diabetics
• B) pizza from a restaurant
• C) a one-week vacation at Disney World
• D) a new Land Rover

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Definitions:

Hyperconsumption

Describes an excessive and unsustainable level of consumption that surpasses what is necessary for a comfortable lifestyle, often driven by consumerism and materialism.

Alienation

A condition in social relationships reflected by a decrease in the sense of personal identification with the products of one's work or disenchantment with societal norms.

Mode of Production

describes the varied ways that societies gather or produce the means of their subsistence, focusing on the combination of productive forces and relations of production.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.