If the Income Elasticity of Demand for a Good Is

question 42

Multiple Choice

If the income elasticity of demand for a good is positive, the good is said to be a(n) :

• A) inferior good.
• B) substitute good.
• C) normal good.
• D) positive good.

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Definitions:

Audience

The group of individuals who watch, listen to, or read a particular piece of content, such as a television show, music album, or book.

Binge-Watches

Binge-watches refers to the activity of watching multiple episodes of a television series or substantial portions of video content in a single sitting.

Postindustrialism

A phase in economic development marked by a shift from manufacturing-based economies to those dominated by service-oriented, information-rich activities.

Education Importance

The significance attributed to acquiring knowledge and learning skills, seen as key to individual development, social progress, and economic growth.