If for Good Z Income Elasticity Is Less Than 1

question 63

Multiple Choice

If for good Z income elasticity is less than 1 but greater than zero, then demand for good Z is income __________, and good Z is a(n) __________ good.

• A)inelastic; normal
• B)inelastic; inferior
• C)elastic; normal
• D)elastic; an inferior
• E)unit elastic; normal

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Definitions:

Par Common Stock

The nominal or face value assigned to a share of common stock by the company's corporate charter.

Fair Market

The price at which an asset would change hands between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.

Total Assets

The total value of everything a company owns, encompassing both current assets and long-term assets.

Liabilities

Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of assets or services.