Multiple Choice
If the income elasticity of demand for ramen noodles is 0.25, ramen noodles are a(n) _____ good.
A) luxury
B) normal
C) superior
D) inferior
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q1: Knowing a product's price elasticity of demand
Q2: If the quantity of a good sold
Q3: If a 10% increase in income causes
Q4: A unitary elastic demand means that if
Q6: A popular restaurant makes 2,000 of its
Q7: The short run is defined as a
Q8: If price increases by 10% while quantity
Q9: Which of these is a determinant of
Q10: Assume the demand for coffee is inelastic.
Q11: A tax in which the percentage of