52. If a good is a necessity with few substitutes, then the price elasticity of

Question

52. If a good is a necessity with few substitutes, then the price elasticity of demand will tend to be:
A) more price elastic.
B) less price elastic.
C) equal to -1.
D) the same as that of a luxury good.

56. If the income elasticity of demand for a good is negative, the good is said to be a(n):
A) inferior good.
B) negative good.
C) positive good.
D) normal good.

57. If income decreases and the consumption of a certain good increases, that good is considered a(n):

     A) substitute good.

     B) complementary good.

     C) normal good.

     D) inferior good.

Explanation / Answer

B) less price elastic A) inferior goods D) inferior goods

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