The Owner of the Property Is Called the ________ in the Landlord-Tenant

question 23

Multiple Choice

The owner of the property is called the ________ in the landlord-tenant relationship.

• A)Holdee or lessee
• B)Holder or lessee
• C)Holder or lessor
• D)Landlord or lessee
• E)Landlord or lessor

---

Definitions:

Giffen Good

A product that paradoxically sees an increase in demand as its price increases, violating the basic law of demand due to the income effect overshadowing the substitution effect.

Inferior Good

A type of good whose demand decreases as the income of consumers increases, opposite of a normal good.

Substitution Effect

The change in consumption patterns due to a change in the relative price of goods, leading consumers to substitute away from higher-priced goods toward lower-priced ones.

Income Effect

How an adjustment in income levels for individuals or the economy affects the demand for goods or services.