For Which of the Following Goods Is the Income Elasticity

question 169

Multiple Choice

For which of the following goods is the income elasticity of demand likely lowest?

• A)subscriptions to premium movie channels through the local cable television provider
• B)hi-definition DVD players
• C)champagne
• D)housing

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Definitions:

Financial Crisis

A situation in which the value of financial institutions or assets drops significantly, often leading to economic recession and needing governmental intervention.

Dial-up Internet Access

An Internet connection method using a standard telephone line for connectivity, characterized by slower speeds compared to broadband.

Slower Form

A term not specifically defined in a technological or scientific context; typically, it could refer to any process or version that operates at a reduced speed compared to others.

56 Kilobits Per Second

A data transmission speed rate often associated with dial-up internet access, representing the transfer of 56,000 bits per second.