A Good Like Water Has Few Substitutes and Takes Up

question 86

Multiple Choice

A good like water has few substitutes and takes up little of our income to purchase, as a result its demand is likely to be

• A)elastic.
• B)perfectly elastic.
• C)inelastic.
• D)unit elastic.

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Definitions:

Existential Import

A concept in logic and philosophy indicating that a statement implies the existence of the subject it mentions.

Traditional View

The perspective or belief that adheres to longstanding practices, values, or methods, often contrasted with modern or revolutionary approaches.

Existential Import

The notion that a statement implies the existence of the subject matter it discusses.

Modern View

Modern View generally refers to the contemporary perspective or way of thinking about a particular topic or issue.