For Product X, the Income Elasticity of Demand Is -2

question 433

Multiple Choice

For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?

• A) Product X is a necessity.
• B) Product X is a luxury.
• C) Product X is an inferior good.
• D) Product X is a normal good.

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Definitions:

Unconscious

The part of the mind that contains thoughts, memories, and desires not within the current awareness.

Abnormal

Differing from the norm or average, typically in a way that is undesirable or worrying, particularly in the context of behaviors, conditions, or occurrences.

Health to Use

There could be a misinterpretation or typo; this term does not have a recognized definition in the health or psychological fields.

Defense Mechanisms

Defense mechanisms are psychological strategies used unconsciously by individuals to protect themselves from anxiety and to manage internal conflicts.