If Income Elasticity for a Good or Service Is ______,Then

question 44

Multiple Choice

If income elasticity for a good or service is ______,then we can say that the good or service is _____.

• A)negative;inferior
• B)negative;normal
• C)positive;inferior
• D)zero;normal

---

Definitions:

Doctrines

Established principles or policies in law or religious beliefs that are taught and accepted as authoritative.

Administrative Law

The body of law that governs the activities of administrative agencies of government, including rules, regulations, procedures, and decisions.

Rescission

A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by their conduct, or by court decree.

Contractual Obligation

A legal duty created by the terms of a contract, requiring parties engaged in the contract to perform or refrain from certain actions.