A Good with a High Income Elasticity Is Generally Considered

question 160

Multiple Choice

A good with a high income elasticity is generally considered to be

• A) an inferior good.
• B) a luxury good.
• C) a necessity.
• D) inexpensive, relative to other goods.

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Definitions:

General Supply

Refers to the overall provision or stock of resources, goods, or equipment that is available for use.

Managed by Shareholders

An organizational structure in which the owners (shareholders) of a firm take an active role in the management decisions.

Legal Entity

An organization or business that has legal rights and obligations, including the ability to enter into contracts and sue or be sued.

Sued and to Sue

Refers to the legal capacity of an individual or entity to bring a lawsuit or to be subject to a lawsuit in a court of law.