If the Income Elasticity of Demand Is 1

question 23

Multiple Choice

If the income elasticity of demand is 1.2,the good will be a(n) ________ good.

• A) complement
• B) substitute
• C) necessity
• D) inferior
• E) luxury

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Definitions:

Court Waive

A judicial decision to relinquish or forego certain legal rights, fees, or penalties, often in the interest of justice or to facilitate legal processes.

Requirement Of Writing

A legal principle that certain types of contracts or agreements must be in writing to be enforceable.

Restraint Of Trade

Legal provisions that limit or restrict business activities in order to prevent unfair competition or monopolistic practices.

Barbershop

A place of business where people, primarily men, go to have their hair cut and groomed by professionals known as barbers.