Goods with an Income Elasticity of Demand Greater Than 1

question 41

Multiple Choice

Goods with an income elasticity of demand greater than 1 are called _____

• A)necessities.
• B)inferior goods.
• C)substitutes.
• D)luxuries.
• E)complements.

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Definitions:

Preponderance of the Evidence

The standard of proof in civil cases, where the burden of proof is met if the proposition is more likely to be true than not true.

Trespass

Unauthorized entry onto someone else's property without permission.

Justice

The principle of fairness and moral righteousness that guides the administration of law and ensures that individuals receive what they are due.

Common Law

A legal system based on custom, tradition, and court decisions, rather than written laws.