When Demand Is Elastic

question 190

Multiple Choice

When demand is elastic

• A) quantity demanded is very responsive to a change in price.
• B) quantity demanded is not very responsive to a change in price.
• C) the proportional change in quantity demanded is equal to the proportional change in price.
• D) producers react quickly to price changes.

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Definitions:

Physiological Needs

Basic, essential human requirements for survival, such as food, water, shelter, and sleep, according to Maslow's hierarchy of needs.

Safety Needs

According to Maslow's hierarchy of needs, these are the requirements for personal security, financial security, health, and well-being, and protection against accidents or harm.

Self-Actualization

The achievement or actualization of individual talents and potentials, seen as an innate desire or motivation in all people.

Belongingness And Love

A basic human need for interpersonal connections, being part of a group, and feeling loved and accepted by others.