For most goods and services the income elasticity of demand is
A) negative.
B) positive.
C) invisible.
D) inverse.
B
Economics
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The total value added in the production of a final good
a. exceeds the price of the final good. b. equals the price of the final good. c. exceeds the total payments made to owners of productive resources used in the production. d. both equals the price of the final good and exceeds the total payments made to owners of productive resources used in the production.
Economics
The sign on the income elasticity formula will be positive for inferior goods and negative for normal goods.
Answer the following statement true (T) or false (F)
Economics