When Income Elasticity of Demand Is a Negative Number,one Can

question 19

Multiple Choice

When income elasticity of demand is a negative number,one can correctly conclude that:

• A)the good is a normal good.
• B)the good is an inferior good.
• C)the good is a substitute.
• D)the good is a complement.
• E)total revenue will decrease when the price increases.

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Definitions:

Peace Movement

A social movement that seeks to achieve ideals such as the ending of a particular war (or all wars), minimize inter-human violence, and abolish weapons of mass destruction.

American Entry

The involvement or participation of the United States in a significant international event or conflict, such as World War I or World War II.

American Laborers

Describes workers in the United States, typically focused on manual or industrial work, integral to the development of the nation's economy.

Organized Labor

Workers united in trade unions, engaging collectively in negotiations and actions aimed at improving their working conditions, wages, and rights.