If the Income Elasticity of Demand for a Good Is

question 32

Multiple Choice

If the income elasticity of demand for a good is negative,the good is said to be:

• A)inferior.
• B)negative.
• C)positive.
• D)normal.

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Definitions:

Divine Right

A political and religious doctrine that asserts a monarch's legitimacy and right to rule comes directly from God, not from human consensus or consent.

Loss of Self-Awareness

A state where an individual's consciousness of their own identity and personal characteristics diminishes.

Group

A number of individuals assembled together or having some unifying relationship.

Fiscally Conservative

An economic philosophy of prioritizing minimal government spending, low taxes, and reduced government debt.