If the Percentage Change in Quantity Demanded of a Good

question 164

Multiple Choice

If the percentage change in quantity demanded of a good is less than the percentage change in income,then the good is said to be

• A) income elastic.
• B) income inelastic.
• C) income unit elastic.
• D) price elastic.
• E) price inelastic.

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Definitions:

Growth Mindset

The belief that one's talents and abilities can be developed through dedication and hard work.

Self-correcting Feedback

A process through which systems adjust and refine themselves based on responses from their environment or actions.

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Self-leadership

The practice of intentionally influencing your thinking, behavior, and feelings to achieve your objectives.