An increase in income is unlikely to substantially increase the demand for:
A) Holidays
B) Milk
C) Days out
D) Meals in restaurants

Name: An increase in income is unlikely to substantially increase the demand for: A) Holidays B) Milk C) Days out D) Meals in restaurants
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Question

Quizplus · Accepted Answer

Milk is considered a necessity with inelastic demand, meaning its consumption doesn't significantly change with income increases, unlike luxury or non-essential goods such as holidays, days out, and meals in restaurants.

An Increase in Income Is Unlikely to Substantially Increase the Demand