When Consumers' Incomes Increased 10 Percent, the Quantity of Milk

question 45

Multiple Choice

When consumers' incomes increased 10 percent, the quantity of milk bought increased 5 percent. This result means

• A) the demand for milk is income elastic.
• B) milk is a necessity.
• C) milk is a luxury.
• D) milk is an inferior good.

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Definitions:

Employees Organizes

Likely refers to the action where workers unite or form unions to negotiate collectively with their employers over wages, hours, benefits, and other working conditions.

Organizational Architecture

The structure and systems in place within an organization that define how it operates and interacts.

Customer Type

Classification of customers based on certain characteristics, preferences, or purchasing behavior, used to tailor marketing or sales approaches.

Organizational Architecture

The structure and systems used by a firm to align its strategies with the behavior of its employees, comprising decision rights, rewards, and organizational boundaries.