For Which of the Following Goods Is the Income Elasticity

question 75

Multiple Choice

For which of the following goods is the income elasticity of demand likely highest?

• A)tennis lessons
• B)allergy medication
• C)clothing
• D)cell phone contracts

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Definitions:

Cross-Sectional

A research method that analyzes data from a population, or a representative subset, at a specific point in time to examine relationships between variables.

Basic

Referring to the fundamental, essential, or primary part of something that serves as the foundation.

Sense Of Trust

A feeling of confidence and security, often considered as the first stage of psychosocial development according to Erik Erikson.

Initiative

The ability to assess and initiate things independently; the power or opportunity to act before others do.