The Most Sought-After Quality in a Friend Is Warmth

question 204

True/False

The most sought-after quality in a friend is warmth.

---

Definitions:

Consumer Income

The total income that consumers have available to spend on goods and services, after taxes and other deductions.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases as consumer income falls.

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in consumers' income.

Inferior Good

A type of good for which demand decreases when the income of the consumer increases, inversely related to consumer income.