A yacht is an example of an:
A) income inelastic inferior good.
B) income elastic inferior good.
C) income inelastic normal good.
D) income elastic normal good.

Question

Quizplus · Accepted Answer

Yachts are considered income elastic normal goods because as individuals' income increases, they are more likely to purchase luxury items like yachts, indicating a strong positive relationship between income and demand for such goods.

A Yacht Is an Example of An