If a Good Only Takes Up a Small Proportion of Your

question 30

Multiple Choice

If a good only takes up a small proportion of your income,the elasticity of demand is likely to be:

• A)relatively elastic.
• B)relatively inelastic.
• C)perfectly elastic.
• D)unit elastic.
• E)equal to one.

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Definitions:

Employment Relationship

The formal or informal agreement between an employer and an employee that outlines the terms of employment, including duties, rights, and obligations.

Employee Voice

The way employees communicate their views, concerns, and suggestions about their work and the functioning of their organization to their employers.

Government Intervention

Refers to the actions taken by a government to influence or directly regulate various aspects of its economy, social affairs, or public policy.

Workplace Governance

The system by which workplaces are directed and controlled, focusing on the relationship between management, the workforce, and other stakeholders.