If I Told You That the Income Elasticity for Hybrid

question 150

Multiple Choice

If I told you that the income elasticity for hybrid cars was positive, you would know that:

• A)there are many substitutes for hybrid cars.
• B)there are few substitutes for hybrid cars.
• C)hybrid cars are a normal good.
• D)hybrid cars are an inferior good.

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Definitions:

Liberty

is a fundamental principle referring to the freedom of individuals to act and express themselves freely, so long as they do not infringe on the rights of others.

Equality

The state of being equal, especially in status, rights, and opportunities.

Political Values

Ideals or ethical standards that influence political behavior and policy-making decisions.

Value Neutrality

The principle of keeping one's own beliefs, biases, and values separate from academic or professional work.