For necessities, income elasticity is any value:
A) greater than 0.
B) greater than 1.
C) less than 0.
D) between 0 and 1.

Name: For necessities, income elasticity is any value: A) greater than 0. B) greater than 1. C) less than 0. D) between 0 and 1.
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Question

Quizplus · Accepted Answer

Necessities have an income elasticity of demand between 0 and 1, indicating that as income increases, the demand for these goods increases, but at a slower rate than the increase in income.

For Necessities, Income Elasticity Is Any Value