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:

Ethnographic Research

A qualitative research method that studies people and cultures in their natural environment through observations and interviews.

Observational Approach

A research strategy where behavior is watched and recorded without intervention, often used to gather data on consumer habits.

Behavioral Reactions

Responses or actions taken by individuals or groups in response to environmental, social, or internal stimuli.

Emotional Reactions

The spontaneous and subjective feelings elicited in an individual in response to a stimulus, event, or situation.