Suppose Good X Has a Positive Income Elasticity of Demand

question 234

Multiple Choice

Suppose good X has a positive income elasticity of demand.This implies that good X could be
(i) A normal good.
(ii) A necessity.
(iii) An inferior good.
(iv) A luxury.

• A)(i)only
• B)(i)and (ii)only
• C)(i), (ii),and (iv)only
• D)(iii)only

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Definitions:

Biological Approach

A perspective in psychology that emphasizes the importance of physical processes in the body, such as genetic inheritance and neural function, in understanding human behavior.

Psychiatrist

A medical doctor specialized in diagnosing, treating, and preventing mental, emotional, and behavioral disorders.

Therapist

A professional trained to treat mental, emotional, and behavioral disorders through various psychotherapeutic methods.

Basic Research

Fundamental research aimed at gaining more comprehensive knowledge or understanding of the subject under study, without specific applications in mind.