Which of the Following Is a Characteristic of an Item

question 38

Multiple Choice

Which of the following is a characteristic of an item with elastic demand?

• A)A price that accounts for a small percentage of consumers' incomes
• B)A short time period under consideration
• C)A small number of competitors selling the product
• D)Many substitutes
• E)A high cost of production

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Definitions:

Id

In psychoanalytic theory, the part of the human psyche that is the source of instinctual impulses and demands for immediate satisfaction of primitive needs.

Superego

The part of personality that, according to Freud, represents internalized ideals and provides standards for judgment (the conscience) and for future aspirations.

Reality Principle

An ego function to delay gratification of the id’s desires until an appropriate object and mode of satisfaction is found in the real world.

Pleasure Principle

A psychological concept suggesting individuals seek immediate gratification of needs and desires to avoid pain.