We can expect that the income elasticity of demand for gourmet catered meals would be the income elasticity of demand for meals from a fast- food restaurant.
A) less than
B) equivalent to
C) higher than
D) not comparable to
E) lower than

Question

Quizplus · Accepted Answer

Gourmet catered meals are considered luxury goods, which typically have a higher income elasticity of demand compared to fast-food meals, which are considered necessities or inferior goods.

We Can Expect That the Income Elasticity of Demand for Gourmet