If a Good Is a Necessity, Demand for the Good

question 14

Multiple Choice

If a good is a necessity, demand for the good would tend to be:

• A)elastic
• B)unit elastic
• C)inelastic
• D)horizontal

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Definitions:

Fragmentation Corollary

A principle from Kelly's personal construct theory suggesting that individuals can hold seemingly contradictory beliefs or constructs that are contextually applied.

Congruence Corollary

A concept in psychology, particularly within personal construct theory, suggesting that psychological well-being is derived from how closely one's self-perceptions align with their experiences.

Situational Corollary

The principle that people's understanding and interpretation of the world are shaped by their current situation and context.

Dichotomized Construct

A concept or theory divided into two mutually exclusive categories, often simplifying complex phenomena into binary oppositions.