If Demand for a Good Is Price Elastic, It Must

question 137

True/False

If demand for a good is price elastic, it must also be income elastic.
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Definitions:

Purchase

The act of buying goods or services in exchange for money or other agreed-upon compensation.

Business Incubator

An organization that supports early-stage companies through mentorship, resources, and sometimes financial investment.

New Businesses

Enterprises that have been initiated recently, entering the market with new or innovative services or products.

Grow

To increase in size, amount, or intensity over time through natural development or active effort.