Which of the Following Is an Example of a Homogeneous

question 105

Multiple Choice

Which of the following is an example of a homogeneous good?

• A)lipstick
• B)avocados
• C)deodorant
• D)flip flops

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Definitions:

Charitable Giving

The act of giving money, goods, or time to the unfortunate, either directly or by means of a charitable trust or other worthy cause.

Income Effect

The change in consumption resulting from a change in real income, which can stem from increases or decreases in wages, or from price changes affecting the purchasing power of income.

Substitution Effect

The change in consumption resulting from a change in the price of a product, leading consumers to substitute that product with another.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.