An Inferior Good Has

question 33

Multiple Choice

An inferior good has

• A) a positive income elasticity of demand.
• B) a positive income elasticity of demand and a price elasticity of demand greater than 1.
• C) an income elasticity of demand greater than zero but less than 1.
• D) a negative income elasticity of demand.
• E) a negative price elasticity of demand.

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Definitions:

Systems/Contingency Organization

An approach to management that suggests organizations are best managed when structures are adapted to external conditions and specific situations.

Virtual Organization

A network of remotely collaborating individuals or groups not bound by traditional physical office space, often relying on digital communication.

Communication

The act of conveying meanings from one entity or group to another through the use of mutually understood signs, symbols, and semiotic rules.

Transformational Organization

An organization that constantly evolves and adapts by changing its strategies, operations, and culture to meet current trends, challenges, and technologies, inspiring innovation and growth.