Good Z Is Income Unit Elastic

question 178

Multiple Choice

Good Z is income unit elastic. This means that the percentage change in income is

• A)equal to the percentage change in the quantity demanded of good Z.
• B)greater than the percentage change in the demand for good Z.
• C)less than the percentage change in the quantity demanded of good Z.
• D)equal to the percentage change in the price of good Z.
• E)greater than the percentage change in the price of good Z.

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Definitions:

Cheque

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to a specified person.

Invoice

A document issued by a seller to a buyer, detailing products or services provided, quantities, and agreed prices.

Outstanding Balance

The amount of money owed that has not yet been repaid.

Invoice

A document detailing a transaction between a buyer and seller, including the quantity, price, and terms of sale.