Which of the Following Items Is Likely to Have the Highest

question 156

Multiple Choice

Which of the following items is likely to have the highest income elasticity of demand?

• A)a luxury cruise to several European countries
• B)water
• C)breakfast cereal
• D)a hamburger

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Definitions:

Conform

To align one's behavior or beliefs with group norms or expectations, often as a result of real or imagined group pressure.

Conformity Causes

Factors that lead individuals to change their attitudes, beliefs, or behaviors to align with group norms or expectations.

Laughed At

being the subject of amusement or ridicule by others, often leading to feelings of embarrassment or humiliation.

Correct

Conforming to fact or truth; free from error, accurate or precise.