Which of the Following Statements Defines Life Span

question 114

Multiple Choice

Which of the following statements defines life span?

• A) It is the length of time one can live under the best of circumstances.
• B) It is the maximum amount of time a person can be expected to live in a given setting.
• C) It is the minimum expected life period for a species.
• D) It is the average age to which individuals live under given conditions.

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Definitions:

Imperfectly Elastic

Describes a demand curve that does react to price changes, but not in a perfect one-to-one relationship, indicating some sensitivity to price changes but not to an infinite degree.

Substitute

A good or service that can be used in place of another to satisfy similar needs or desires.

Economic Rent

The excess payment made to a factor of production over what is necessary to keep it in its current use, reflecting payment beyond its opportunity cost.

Equilibrium Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market.