If Most Consumer Goods and Services Are ________, Then Most

question 8

Multiple Choice

If most consumer goods and services are ________, then most income elasticities are ________.

• A)normal; negative
• B)inferior; positive
• C)normal; greater than one
• D)normal; positive

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Definitions:

Truth

The quality or state of being in accord with fact or reality.

Appeal to Ignorance

A fallacy in which a conclusion is based on the absence of evidence rather than the presence of evidence.

Focus Group

A targeted group of people brought together to discuss and provide feedback on a particular subject or product.

Bill

A written proposal or draft of a law presented to a legislature for discussion and potential approval.