Table 5-2
-Refer to Table 5-2.Which of the following best describes good X
A)very price elastic
B)an inferior good
C)underpriced
D)a normal good

Name: Table 5-2 -Refer to Table 5-2.Which of the following best describes good X A)very price elastic B)an inferior good C)underpriced D)a normal good
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Question

Table 5-2 
-Refer to Table 5-2.Which of the following best describes good X
A)very price elastic 
B)an inferior good 
C)underpriced 
D)a normal good

Quizplus · Accepted Answer

Good X has a positive income elasticity, which means that as income increases, the demand for Good X also increases. This is the characteristic of a normal good.

Table 5-2 -Refer to Table 5-2.Which of the Following Best Describes Good