Demand for a Good Which Comprises a Relatively Small Share

question 118

Multiple Choice

Demand for a good which comprises a relatively small share of the consumer's budget tends to be

• A)inelastic.
• B)perfectly inelastic.
• C)elastic.
• D)perfectly elastic.

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Definitions:

Horizontal Mobility

The movement of an individual or group within the same social status or class, often through changing occupations or roles.

Intergenerational Mobility

The movement or changes in social status and economic position from one generation to another within a family or social group.

High-School Teachers

Educators who instruct students in grades 9 through 12 in a variety of subjects, preparing them for higher education or the job market.

Intergenerational Mobility

The changes in social status which happen from one generation to the next within a family or community.