A Good with an Income Elasticity of 0

question 131

Multiple Choice

A good with an income elasticity of 0.4 is:

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

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Definitions:

Contractual Modifications

Changes or alterations mutually agreed upon by the parties involved in a contract.

Midnight Deadline Rule

A regulation requiring that certain types of contracts be physically delivered to the offeree by midnight of the next day after they are made to be effective.

Uncertified Check

is a check that has not been verified or guaranteed by the bank upon which it is drawn, making its acceptance based on the account holder's standing and available funds.

Six Months Old

Describes something, such as a product, document, or animal, that has existed or has been in use for six months.