The Number of Businesses Owned by Asians, Hispanics, and American

question 230

True/False

The number of businesses owned by Asians, Hispanics, and American Indians has grown dramatically.

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Definitions:

Income Elasticity

A measure of how much the quantity demanded of a good responds to a change in consumers' income, holding all other factors constant.

Normal Good

A good for which a rise in income increases the demand for that good—the “normal” case.

Total Revenue

The total income received by a firm from selling its goods or services, calculated as the unit price times the quantity sold.

Elastic Demand

A situation where the demand for a product changes significantly in response to changes in its price.