If Consumers Have a Long Time to Respond to an Increase

question 90

Multiple Choice

If consumers have a long time to respond to an increase in electricity prices their demand is likely to be ________ than if they are only given a short time.

• A) no different
• B) higher
• C) more elastic
• D) less elastic

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Definitions:

Acquired Needs Theory

A motivational theory that categorizes an individual's specific needs into three categories: achievement, affiliation, and power.

Need for Achievement

The motivation to excel, to achieve in relation to a set of standards, or to be successful in competitive situations.

Need for Power

A motivational drive to influence, control, or have authority over others.

Job Satisfaction

The level of contentment employees feel regarding their job, which can influence their motivation, performance, and retention.