Which of the Following Individuals Is Most Likely to Engage

question 42

Multiple Choice

Which of the following individuals is most likely to engage in risk-taking behaviors?

• A) Marco, who is tolerant of deviance
• B) Karen, who is not highly connected to school or to a religious institution
• C) Patrick, who is very liberal in his social views
• D) all of these individuals are likely to engage in risky behaviors.

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Definitions:

Imperfectly Elastic

Describes a demand curve that does react to price changes, but not in a perfect one-to-one relationship, indicating some sensitivity to price changes but not to an infinite degree.

Substitute

A good or service that can be used in place of another to satisfy similar needs or desires.

Economic Rent

The excess payment made to a factor of production over what is necessary to keep it in its current use, reflecting payment beyond its opportunity cost.

Equilibrium Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market.