A shopping mall owner is given a list of income elasticity of demand values.Which one represents a necessity?
A) -5
B) -0.5
C) 0
D) 5
E) 0.5

Name: A shopping mall owner is given a list of income elasticity of demand values.Which one represents a necessity? A) -5 B) -0.5 C) 0 D) 5 E) 0.5
Brand: Quizplus
Rating: 4.9 (43 reviews)

Question

Quizplus · Accepted Answer

A necessity good has an income elasticity of demand between 0 and 1, indicating that demand increases with income but at a slower rate.

A Shopping Mall Owner Is Given a List of Income