Which One of the Following Is True If Demand Is

question 7

Multiple Choice

Which one of the following is true if demand is income inelastic?

• A)The percentage change in income is greater than the percentage change in quantity demanded.
• B)The percentage change in income is smaller than the percentage change in quantity demanded.
• C)An increase in income decreases demand.
• D)The good is an inferior good.
• E)A rise in price increases the quantity demanded.

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Definitions:

Females

Individuals of the female sex or gender, characterized biologically by two X chromosomes in mammals.

Expected Value

The long-run average value of repetitions of the same experiment or random trial, indicating the central tendency.

Random Variable

A variable that can take on numerical results from a random event or experiment.

Standard Deviation

An indicator of the spread of a dataset relative to its mean, used to quantify the degree to which individual data points differ from the average.