The _________ Is the Change in the Quantity Demanded of a Good

question 118

Multiple Choice

The _________ is the change in the quantity demanded of a good that occurs because a change in the price of the good changes the real income of the purchaser.

• A) income effect
• B) substitution effect
• C) price elasticity of demand
• D) income elasticity of demand
• E) cross-price elasticity of demand

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Definitions:

Dominant Property

The property that benefits from an easement, which is a right to cross or otherwise use someone else's land for a specified purpose.

Trade Fixtures

Items of personal property brought upon the land by a tenant that are necessary to carry on the trade or business to which the premises will be devoted. Contrary to the general rule, trade fixtures remain the personal property of the tenant and are removable at the expiration of the terms of occupancy.

Quitclaim Deed

A deed that transfers to the buyer only the interest that the seller may have in a property and that contains no warranties.

Warranties of Title

Legal guarantees provided by a seller to a buyer that the seller has the right to sell the property and that the property is free from any lien or encumbrance.