Raymond Is Studying for Finals and Has Not Slept for Almost

question 101

Multiple Choice

Raymond is studying for finals and has not slept for almost two days.He finally realizes he is exhausted and goes home from the library to sleep.Raymond's desire to go home and get some rest so that he no longer feels tired is a

• A) goal.
• B) incentive.
• C) drive.
• D) need.

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Definitions:

Long Run

A period in which all factors of production and costs are variable and companies can enter or exit an industry.

Demand

The quantity of a product or service that consumers are willing and able to purchase at various price levels at a given time.

Substitutes

Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.

Elastic Demands

A market situation where the quantity demanded of a good or service significantly changes in response to a change in price.