If a Good Has an Income Elasticity of 1

question 152

Multiple Choice

If a good has an income elasticity of 1.83, then it is a(n) _____good.

• A) normal
• B) inferior
• C) substitute
• D) luxury

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Definitions:

Therapeutic

Relating to the healing of disease or maintenance of health, often used in the context of treatments, interventions, or environments designed to promote well-being.

Professional

Relating to a job that requires specialized knowledge and often intensive academic education.

Educational

Related to the process of teaching and learning, aimed at developing knowledge, skills, values, and attitudes.

Individual

A single human being as distinct from a group, class, or family, often emphasizing personal agency and identity.