Choose the One Most Appropriate Answer for Each

question 41

Multiple Choice

Choose the one most appropriate answer for each.
-Homo sapiens

• A)shorter than modern humans, but stood upright; stocky body adapted to colder climates
• B)arose in Africa about 2 million years ago; had a significantly larger brain than earlier hominins and a gait similar to modern humans
• C)modern humans since 195,000 years ago
• D)Lucy; lived about 3.2 million years ago

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Definitions:

Luxury Good

A good for which demand increases more than proportionally as income rises, in contrast to a "necessity good," for which demand is not related to income.

Total Revenue

The total amount of money a company receives from its sales of goods or services, calculated by multiplying the price per unit by the number of units sold.

Demand Elastic

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

Price-Elasticity Coefficient

A numeric value that measures how much the quantity demanded of a good responds to a change in the price of that good, indicative of its price sensitivity.