If the Income Elasticity of Demand for a Good Is

question 42

Multiple Choice

If the income elasticity of demand for a good is positive, the good is said to be a(n) :

• A) inferior good.
• B) substitute good.
• C) normal good.
• D) positive good.

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Definitions:

Station in Life

A term referring to one's social position or status, often considered in legal contexts to assess appropriateness of actions or compensation.

Necessary for Minor

Refers to goods or services deemed essential for the wellbeing and development of a minor, which they can contract for.

Court Consideration

The factors or evidence that a court takes into account when making a decision on a case.

Emancipated by Implied Consent

A legal status where a minor is considered independent from their parents or guardians based on actions that suggest consent, rather than a formal court order.