Change That Is Revolutionary and Discontinuous Is Known As

question 27

Multiple Choice

Change that is revolutionary and discontinuous is known as:

• A) First-order change
• B) Second-order change
• C) Natural change
• D) Contrived change

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Definitions:

Income Elasticity

A measure of how the demand for a good or service changes relative to a change in consumers' income.

Normal Good

A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.

Inferior

A term used in economics to describe goods whose demand decreases as the income of the consumer increases, contrasted with normal goods.

Input Costs

Input costs are the prices of the raw materials, labor, and other resources required to produce a good or service.