If the Income Elasticity of a Good Is Positive but Less

question 24

Multiple Choice

If the income elasticity of a good is positive but less than 1,as income increases

• A) demand for the good will decrease.
• B) demand for the good will increase, but less than proportionately to the income increase.
• C) demand for the good will increase, but more than proportionately to the income increase.
• D) demand will not change.

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Definitions:

Limitations

Restrictions or time limits within which legal action must be initiated or rights enforced to prevent stale claims.

Counterclaim

A claim made by a defendant in opposition to, or as a retaliation against, the plaintiff's claim in a lawsuit.

Costs(Awarded)

Expenses that a court orders one party to pay another, often as part of the judgment in a legal case.

Court Action

Legal proceedings initiated to enforce or protect a right, or to seek a remedy in a dispute.