Normal Goods

question 91

Multiple Choice

Normal goods

• A)have positive income elasticity of demand.
• B)have negative income elasticity of demand.
• C)have negative elasticity of supply.
• D)do not have elasticity of demand.
• E)are sometimes also inferior goods.

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Definitions:

Efficient

The quality of achieving maximum productivity with minimum wasted effort or expense, effectively using resources to achieve desired outcomes.

Problem-Solving Teams

Groups of individuals brought together to address specific challenges or issues, utilizing their collective expertise to find solutions.

Quality

The degree to which something meets or exceeds established standards, expectations, or requirements, reflecting its overall excellence or merit.

Cost Problems

Issues related to the financial aspects of a project or business, often involving overruns or mismanagement of budgets.