Final answer:
The monthly membership at Bond's Gym has an elastic demand and is considered a want, not a need, so the correct answer is C. Elastic and Want.
Step-by-step explanation:
The student's question revolves around the price elasticity of demand for a gym membership and whether it is a want or a need. Price elasticity measures how much the quantity demanded of a good responds to a change in price. Elastic demand indicates a high responsiveness, meaning the quantity demanded changes significantly with a change in price. Conversely, inelastic demand shows low responsiveness to price changes. When a product is considered a necessity by the consumer, it typically has an inelastic demand. However, in this case, the monthly membership at Bond’s Gym is described as an elastic demand and a want, which aligns with the characteristics of a good that is seen as non-essential. Therefore, the correct answer to the student's question is C. Elastic and Want.