Most People Feel They Are _____,And This View Is _____

question 74

Multiple Choice

Most people feel they are _____,and this view is _____.

• A) about average; accurate
• B) about average; inaccurate
• C) above average; inaccurate
• D) below average; inaccurate

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Definitions:

Substitutes

Goods or services that can be used in place of each other.

Elastic

A term that describes the sensitivity of the demand for a good or service to a change in its price, with "elastic" demand being significantly responsive to price changes.

Least Elastic

Describes a situation where there is the smallest responsiveness of the quantity demanded or supplied to changes in price, typically associated with goods and services for which there are no close substitutes.

Price Sensitive

A term describing how the demand for a product changes in response to price changes; consumers are highly reactive to changes in price.