The Income Elasticity of Demand for Caviar Tends to Be

question 302

Multiple Choice

The income elasticity of demand for caviar tends to be

• A)high because caviar is relatively expensive.
• B)low because caviar is packaged in small containers.
• C)high because buyers generally feel that they can do without it.
• D)low because it is almost always in short supply.

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Definitions:

Behaviorist

A psychologist who studies and practices behaviorism, focusing on observable and measurable aspects of human and animal behaviors rather than internal processes like thinking or emotion.

Functionalism

A theory in psychology that emphasizes the purpose of consciousness and behavior, explaining psychological processes in terms of their role or function in helping individuals adapt to their environment.

Mental Processes

The operations of the mind that lead to perceptions, reasoning, emotions, and memories.

Unconscious Desires

Wishes or wants that reside within the unconscious mind, influencing behavior without the individual's aware intent.