Changes in the Price of an Item May Affect the Income

question 11

True/False

Changes in the price of an item may affect the income elasticity of demand.

---

Definitions:

Dollars

A unit of currency used in the United States and other countries, symbolized as $.

S&P 500 Index

A market-capitalization-weighted index of the 500 largest U.S. publicly traded companies and is often used as a benchmark for the overall stock market.

Futures Contract

A futures contract is a standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, often used for hedging risk or speculative ventures.

Position

An investment holding that represents a partial ownership or obligation in a particular security or financial instrument.