Which One of the Following Goods Is Likely to Have

question 4

Multiple Choice

Which one of the following goods is likely to have the highest income elasticity of demand?

• A)Diamonds
• B)Water
• C)Pretzels
• D)Beer

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Definitions:

Package Insert

An official document provided by the manufacturer of a drug or medical device, containing information about its proper use, side effects, and contraindications.

Schedule II

A classification for drugs or substances that have a high potential for abuse but can be prescribed by doctors for medical use, under tight restrictions.

Prescription

An order written by a healthcare professional for a specific medication to be dispensed and used by a patient.

Proprietary Name

A brand name given by a manufacturer to a product or range of products.