If We Measure the Income Elasticity of a Good as −1.8

question 82

Multiple Choice

If we measure the income elasticity of a good as −1.8, this means this good is a(n) :

• A) luxury good.
• B) substitute good.
• C) complementary good.
• D) inferior good.
• E) good from the food group.

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Definitions:

Independent Clauses

Sentences or clauses that can stand alone as a complete thought because they have both a subject and a predicate.

Subordinate Thoughts

Ideas or considerations that are of lesser importance or rank compared to primary thoughts.

Key Points

The most important or central ideas, facts, or issues in a discussion or piece of communication.

Important Ideas

Concepts or points that are considered to be of significant value or consequence in a particular context.