A Good with an Income Elasticity That Is Positive, but Less

question 12

Multiple Choice

A good with an income elasticity that is positive, but less than 1, is a(n) _____ good.

• A) inferior
• B) superior
• C) normal
• D) luxury

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Definitions:

Judicial Decision

A ruling made by a court in response to a legal matter, determining the outcome of a case.

Legal Precedent

A principle or rule established in a previous legal case that is either binding or persuasive for a court when deciding subsequent cases with similar issues or facts.

Legal Decision

A ruling or resolution made by a court or legal authority that resolves a dispute or interprets a law.

Case of First Impression

A legal case with issues never before decided by the court, presenting a unique opportunity for setting new legal precedent.