An Increase in VMIR Is Always Caused by a Change

question 28

True/False

An increase in VMIR is always caused by a change in that behavior.

---

Definitions:

Price Inelasticity

A situation in which the demand for a good or service is not significantly affected by changes in price.

Income Effect

The relationship between income fluctuations in an individual’s or economic environment’s finances and its influence on the quantity of goods or services demanded.

U.S. GDP

The total market value of all final goods and services produced within the United States during a specific time period.

Farm Outputs

The total variety and quantity of goods produced by farming activities, including crops, livestock, and other agricultural products.