The Smaller the Proportion of Your Income Is Spent on a Good

question 2

Multiple Choice

The smaller the proportion of your income is spent on a good, the more likely it is to be:

• A) relatively inelastic.
• B) highly elastic.
• C) perfectly elastic.
• D) unit elastic.

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Definitions:

Law

A framework of norms established and applied by societal or state organizations to govern conduct.

Values

A standard for determining what things hold central importance.

Society's Attitudes

The collective beliefs, values, and norms that characterize a societal group or community at a given time.

Civil Management

The administration and organization of non-criminal legal matters and disputes, including civil litigation and the judicial processes that govern them.