Marcus Is Stopped for Driving 55 Mph in a 30

question 49

Short Answer

Marcus is stopped for driving 55 mph in a 30 mph zone."I did not realize that the speed limit was 55 here," Marcus tells the state trooper.Marcus' lack of knowledge of the speed limit is no excuse because mistake of ________ rarely serves as a valid legal defense.

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Definitions:

Price Elastic

Describes how sensitive the demand for a good is to changes in its price; highly elastic demand means consumers will significantly reduce buying with small price increases.

Price Inelastic

Describes a situation where the demand for a good is not very responsive to price changes, meaning consumers buy roughly the same amount regardless of price fluctuations.

Necessity

An essential good or service required for basic survival or societal functioning.

Elastic Demand

describes a market situation where the demand for a product significantly changes in response to changes in its price.