Goods that have positive income elasticity less than 1 are _____ goods.
A) luxury
B) normal
C) inferior
D) abnormal

Name: Goods that have positive income elasticity less than 1 are _____ goods. A) luxury B) normal C) inferior D) abnormal
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Question

Quizplus · Accepted Answer

Goods with a positive income elasticity of less than 1 are considered normal goods. This means that as income increases, the demand for these goods also increases, but at a slower rate than the increase in income.

Goods That Have Positive Income Elasticity Less Than 1 Are