If a Good Has an Income Elasticity of Demand Greater

question 112

Multiple Choice

If a good has an income elasticity of demand greater than 1,one might classify that good as

• A) a necessity.
• B) a luxury.
• C) unusual.
• D) inelastic.

---

Definitions:

Pockets of Knowledge

Specific areas or subjects where an individual or organization has specialized understanding or expertise.

Social Networks

Platforms or communities online where individuals can connect, share, and communicate with each other.

Fostering Collaboration

Encouraging or promoting cooperative work and shared goals among individuals or groups.

Staffing Needs

The requirements an organization has for employees in terms of numbers, skills, and roles to meet its operational goals.