An inferior good has
A) a positive income elasticity of demand.
B) a positive income elasticity of demand and a price elasticity of demand greater than 1.
C) an income elasticity of demand greater than zero but less than 1.
D) a negative income elasticity of demand.
E) a negative price elasticity of demand.
Correct Answer:
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Q34: Q35: The elasticity of supply for some product Q36: Suppose national income is rising steadily at Q37: If two goods, X and Y, have Q38: If the price elasticity of demand is Q40: Cross- price elasticity of demand may Q41: The elasticity of supply for a Q42: A vertical demand curve shows that the Q43: If per capita income increases by 10 Q44: When the percentage change in quantity demanded
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