Isabella Has Retired Recently

question 21

Multiple Choice

Isabella has retired recently. She is excited to finally have the time and the money to travel and see the world. She joins a women's travel group and starts making a list of all the places she wants to visit. In the context of Maslow's hierarchy of needs, which of the following needs is Isabella trying to address?

• A) Physiological needs
• B) Esteem needs
• C) Security needs
• D) Self-actualization needs

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Definitions:

Elastic

Describes a situation where the demand for a product significantly changes in response to changes in its price.

Absolute Value

A numerical value regardless of its sign, often represented as the distance of a number from zero on the numerical scale.

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a price increase or decrease.

Total Revenue

The total amount of money a firm receives by selling goods or services, calculated as the unit price times the quantity sold.