If a Good Is Income Elastic, It Follows That the Percentage

question 66

Multiple Choice

If a good is income elastic, it follows that the percentage change in quantity demanded of a good

• A)is less than the percentage change in income.
• B)is greater than the percentage change in income.
• C)is equal to the percentage change in income.
• D)is greater than the percentage change in the price of another good.

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Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, designed to harmonize the law of sales and other commercial transactions.

Merchant

A person or company involved in wholesale or retail trade, especially one dealing with tangible goods.

Written Offer

A formal proposal or bid presented in written form, detailing the terms under which the writer is willing to engage in a contract or agreement.

Requirements Contract

A contract in which the seller agrees to supply all of the buyer's needs for a particular good or service over a specified period.