If the Quantity Demanded for a Good Rises as Income

question 18

Multiple Choice

If the quantity demanded for a good rises as income rises then the income elasticity of demand for this good is ________ than 0, and the good is ________ good.

• A)greater; an inferior
• B)less; a normal
• C)less; an inferior
• D)greater; a normal

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Definitions:

Bull's-Eye

The center of a target, often used metaphorically to indicate a precise or ideal goal.

Arrows

Pointed projectiles designed to be shot from a bow, typically used for hunting or as weapons.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 1 indicates certainty.

First Serves

In tennis, the initial serve in a point, which, if not successful, is followed by a second serve.