Suppose Good X Has a Negative Income Elasticity of Demand

question 88

Multiple Choice

Suppose good X has a negative income elasticity of demand.This implies that good X is

• A)a normal good.
• B)a necessity.
• C)an inferior good.
• D)a luxury.

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Definitions:

Stoneware

Pottery fired at high temperatures to produce a stonelike hardness and density.

Huang Gongwang

A Chinese painter during the Yuan Dynasty, known for his contributions to the landscape painting genre.

Yuan Dynasty

A dynasty in China that lasted from 1271 to 1368, established by Kublai Khan, marking the first time the entire country was ruled by a foreign power.

Auspicious Objects

Items or symbols considered to bring good luck, prosperity, or positive outcomes, often used in cultural rituals and ceremonies.