If the Income Elasticity of Demand for a Service Is

question 89

Multiple Choice

If the income elasticity of demand for a service is 0.6, then a 5 percent increase in income will generate a __________ in quantity demanded

• A)3 percent decrease
• B)3 percent increase
• C)8.33 percent decrease
• D)8.33 percent increase
• E)0.12 percent decrease

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Definitions:

UN Commission on International Trade Law

A legal body established by the United Nations to promote the harmonization and unification of international trade law.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, which governs international purchase and sale agreements.

UNCITRAL Model Law on Electronic Signatures

An international framework designed to facilitate the use of electronic signatures and ensure their legal recognition and equivalence to traditional handwritten signatures.

Judicial Branch

The branch of government responsible for interpreting the laws, adjudicating legal disputes, and administering justice.