If Average Consumer Incomes Increase Proportionately Faster Than the Demand

question 92

Multiple Choice

If average consumer incomes increase proportionately faster than the demand for a product,then the income elasticity of demand for the product is:

• A) zero.
• B) greater than zero but less than 1.
• C) greater than 1.
• D) equal to 1.

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Definitions:

Universals in Emotion

Fundamental emotional experiences that are widely recognized across different cultures and societies.

Phylogeny

The evolutionary history and lineage of species or traits, showing how they are related through common ancestors.

Contagion

The spread of an idea, emotion, or behavior from person to person through contact or communication.

Ontogeny

The development and growth of an organism from fertilization to maturity, focusing on physiological, physical, and behavioral changes.