If the Quantity Demanded for a Good Rises as Income

question 18

Multiple Choice

If the quantity demanded for a good rises as income rises then the income elasticity of demand for this good is ________ than 0, and the good is ________ good.

• A)greater; an inferior
• B)less; a normal
• C)less; an inferior
• D)greater; a normal

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Definitions:

Probability

The measure or estimation of how likely it is that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Median

A statistical measure that represents the middle value in a given set of data when it is arranged in numerical order.

Mean

A statistical measure representing the central value of a set of numbers, calculated by dividing the sum of the values in the set by their number.

Mode

The value that appears most frequently in a given set of data or distribution.