A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased:
A) Rises
B) Falls
C) Remains unchanged
D) None of the above
Correct Answer:
Verified
Q1: The demand curve for Giffen's goods:
A)Vertical
B)Horizontal
C)Negative slope
D)Positive
Q2: Income elasticity of demand for inferior goods
Q3: The change in demand is due to
Q4: A market:
A)Necessarily refers to a meeting place
Q5: A fall in the price of the
Q6: When both the price of a substitute
Q7: If the percentage increase in the quantity
Q8: A fall in the price of the
Q9: An increase in the price of the
Q11: If the amount of the commodity purchased
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