____ Serve Interpersonal Functions

question 151

Multiple Choice

____ serve interpersonal functions.

• A)Attitudes but not beliefs
• B)Beliefs but not attitudes
• C)Both attitudes and beliefs
• D)Neither attitudes nor beliefs

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Definitions:

Income Elasticity

A measure of how the demand for a good or service changes in response to changes in consumers' income.

Inferior Good

A type of good for which demand decreases when the income of the consumer increases, inversely related to consumer income.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, in contrast to a normal good.

Inferior Goods

A good that has a negative income elasticity, so that as consumer income rises, the demand for the good falls.