Which of the following goods has a low, but positive, income elasticity of demand?

Name: Which of the following goods has a low, but positive, income elasticity of demand?
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Question

Quizplus · Accepted Answer

Health insurance is a necessity good that people are likely to purchase even if their income is low. Therefore, the income elasticity of demand for health insurance is low, but positive. Furniture and new cars, on the other hand, are considered luxury goods and have higher income elasticities of demand.

Which of the Following Goods Has a Low, but Positive