If the Income Elasticity for a Particular Good Is Negative

question 57

Multiple Choice

If the income elasticity for a particular good is negative, then:

• A)the good is a normal good.
• B)as income increases, consumers will tend to purchase more of the good.
• C)as income increases, consumers will tend to purchase less of the good.
• D)the good is a luxury good.

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Definitions:

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Semicolon

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Courts that review and potentially revise decisions made by lower courts.

Plaintiff's Name

The term used to refer to the person who initiates a lawsuit in a court of law.