A Negative Income Elasticity of Demand Coefficient Indicates That

question 167

Multiple Choice

A negative income elasticity of demand coefficient indicates that

• A)the product is an inferior good.
• B)the product follows the law of demand.
• C)the product is a complementary good.
• D)the product is a substitute good.

---

Definitions:

Budget Goals

Specific objectives set during the budgeting process that an organization aims to achieve, often related to cost control, revenue generation, or financial stability.

Zero-Based Budgeting

A concept of budgeting that requires managers to estimate sales, production, and other operating data as though operations are being started for the first time.

Budget Procedure

The process involving the creation, approval, and implementation of a financial plan for a business or an organization.

Top-Down Managerial

A management approach where decision-making and direction come from the top levels of the organization and flow downward.