All else constant, there is an inverse relationship between the price elasticity of demand and the marginal revenue resulting from a decrease in price

How do markets for loans use signaling and screening to cope with private information?

What will be an ideal response?

A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:

a. A substitute good b. A complementary good c. An inferior good d. A normal good