Something with Instrumental (Or Extrinsic)value Is Valuable as a Means

question 17

Multiple Choice

Something with instrumental (or extrinsic) value is valuable as a means to something else;something with intrinsic value is valuable:

• A)for someone else's sake.
• B)for the sake of the environment.
• C)as a means to something more valuable.
• D)for its own sake.

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Definitions:

Revenues Dropped

A situation in which the total income generated by a business from its activities decreases compared to a previous period.

Price Elasticity of Demand

A study of how price developments influence the demand proportions for a commodity.

Income Elasticity of Demand

An indicator of the variation in demand for a product or service resulting from alterations in buyers' income levels.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change in response to a change in price.