For Which of the Following Would the Income Effect of a Price

question 36

Multiple Choice

For which of the following would the income effect of a price change be greatest?

• A)ballpoint pens
• B)air travel to Australia
• C)chewing gum
• D)haircuts
• E)college textbooks

---

Definitions:

Jurisdictions

The official power to make legal decisions and judgments, often referred to in context of geographical area or scope of legal authority.

Liability

The state of being legally responsible (liable) for something, such as a debt or obligation.

Jury

A group of citizens convened to render an impartial verdict (a finding of fact on a question) officially submitted to them by a court.

Litigation Process

The sequence of actions involved in bringing and pursuing a lawsuit, including filing a complaint, discovery, trial, and possibly appeal.