When the Consumer Spends Less Than 3% of His Income

question 334

Multiple Choice

When the consumer spends less than 3% of his income on a good, demand will be

• A) elastic.
• B) unit-elastic.
• C) inelastic.
• D) elastic, unit-elastic or inelastic depending upon supply.

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Definitions:

Normal Distribution

A statistical distribution where data points are symmetrically distributed around a mean, forming a bell-shaped curve.

WAIS Scores

Scores derived from the Wechsler Adult Intelligence Scale, a standardized test designed to measure adult intelligence.

Percent

A mathematical term describing a number or ratio expressed as a fraction of 100.

Intelligence Test

A standardized assessment designed to measure human intelligence and cognitive abilities.