A lack of well-established property rights is one of the key reasons why markets fail

Benefit levels for TANF are the same, regardless of where you live

Indicate whether the statement is true or false

Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is TRUE?

A) Peanut butter is a normal good, because income elasticity is positive. B) Peanut butter is an inferior good, because income elasticity is positive. C) Peanut butter is a normal good, because income elasticity is less than 1. D) Peanut butter is an inferior good, because income elasticity is less than 1.