If a Good Is a Necessity the Income Elasticity of Demand

question 112

Multiple Choice

If a good is a necessity the income elasticity of demand must be

• A)Positive
• B)Zero
• C)Negative but less negative than -1
• D)Negative and more negative than -1

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Definitions:

Operations Team

A group within an organization responsible for overseeing and managing the day-to-day activities required to maintain and enhance the business's operational functions.

Recruitment and Selection

The process of identifying, attracting, interviewing, selecting, hiring, and onboarding employees. It involves evaluating candidates' suitability for a specific role or organization.

Workforce Planning

The process of analyzing, forecasting, and planning workforce supply and demand to meet the organization's objectives.

Leadership Development

The process of enhancing an individual's capability to lead, motivate, and manage people or organizations effectively.