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


Answer: A normal good

Economics

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Economic fluctuations in the United States have been less extreme since the 1950s

a. True b. False Indicate whether the statement is true or false

Economics

The marginal revenue that would be derived from producing a fourth unit of output is


A. $20.
B. $16.
C. $12.
D. $8.

Economics

Figure 10-9


If the economy were operating at point a in , resource prices would tend to
a.
decrease and move the economy toward point c.
b.
decrease and move the economy toward point b.
c.
increase and move the economy toward point c.
d.
increase and move the economy toward point b.

Economics

Which of the following is least likely to increase labor productivity?

A. Improved labor skills. B. Increased managerial capabilities. C. A safer work environment. D. Technological advances.

Economics