The Type of Elasticity of Demand That Is Most Commonly

question 48

Multiple Choice

The type of elasticity of demand that is most commonly positively valued but that can be negative at times is called:

• A)income elasticity of demand and it is negative when the good is a normal good.
• B)income elasticity of demand and it is negative when the good is an inferior good.
• C)price elasticity of demand and it is negative when the slope of the demand curve is negatively sloped.
• D)None of the above.

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Definitions:

Mean Age

The average age of individuals in a particular group, calculated by summing their ages and dividing by the number of individuals.

Psychosocial Task

A challenge or duty that relates to an individual’s psychological development in, and interaction with, a social environment.

Identity

The qualities, beliefs, personality, appearance, and culture that make a person or group who they are.

Erikson

A psychologist known for his theory on the psychosocial development of human beings.