If Bus Travel Is an Inferior Good, Then Its Income

question 77

Multiple Choice

If bus travel is an inferior good, then its income elasticity of demand will be

• A) strictly greater than one.
• B) positive.
• C) equal to zero.
• D) negative.

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Definitions:

Religious Turmoil

Periods or situations marked by widespread conflict, uncertainty, or upheaval related to religious beliefs, institutions, or conflicts between different religious groups.

Colonization

The process by which a central system of power dominates the surrounding land and its components, often leading to the exploitation and oppression of indigenous peoples.

Joint-Stock Companies

These are businesses owned by shareholders who invest money in the company in exchange for a share of the profits and losses.

Overseas Trading

The act of buying and selling goods and services across international borders, allowing countries to expand markets and gain access to foreign products.