If the Income Elasticity of Demand Is -3,the Good Will

question 170

Multiple Choice

If the income elasticity of demand is -3,the good will be a(n) ________ good.

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

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Definitions:

Hand Gestures

Movements of the hands and arms that are used to communicate expressions, emotions, or information without verbal speech.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, which is an important milestone in cognitive development.

Schema

In cognitive psychology, a pattern of thought or behavior that organizes categories of information and the relationships among them.

Covered Up

Refers to actions taken to conceal, hide, or obscure something, typically to prevent information or the truth from being known.