Which of the following goods would be most likely to feature an income elasticity of zero?
A)tickets to a championship football game
B)insulin
C)orange juice
D)cigarettes

Question

Which of the following goods would be most likely to feature an income elasticity of zero?
A)​tickets to a championship football game
B)​insulin
C)​orange juice
D)​cigarettes

Quizplus · Accepted Answer

Insulin is a necessity for people with diabetes, and therefore has a very low income elasticity. This means that changes in income do not have a significant impact on the demand for insulin.

Which of the Following Goods Would Be Most Likely to Feature