The Income Elasticity of Demand Is Defined as the Percentage

question 144

Multiple Choice

The income elasticity of demand is defined as the percentage change in

• A) the quantity demanded resulting from a given percentage change in price.
• B) income divided by the percentage change in quantity demanded.
• C) the movement along the demand curve resulting from a change in income.
• D) the quantity demanded divided by the percentage change in income.

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Definitions:

Triglyceride

A triglyceride is a type of fat molecule made up of three fatty acids linked to a glycerol backbone, commonly found in the human body and in foods.

Optically Inactive

Describes compounds that do not rotate the plane of polarized light, usually because they are achiral or have a symmetrical arrangement of atoms.

Base-promoted Hydrolysis

A chemical reaction where a base speeds up the hydrolysis process, commonly involving cleavage of bonds by the addition of water.

Fats

Molecules composed of triglycerides that are solid at room temperature, commonly found in animals and some plants, and serve as a major energy source.