Assume that it is predicted that for the years after you graduate from college,the entire economy will experience a long period of prosperity when incomes grow rapidly.What type of industry would be the best for you to find employment if this prediction is correct? An industry that produces a product that is
A) income elastic.
B) income inelastic.
C) inferior.
D) a substitute good.
E) none of these industries

Question

Quizplus · Accepted Answer

An industry that produces a product that is income elastic would be the best choice, as incomes are predicted to grow rapidly. In this scenario, people would have more disposable income to spend on luxury goods and services, which are typically income elastic.

Assume That It Is Predicted That for the Years After