If the income elasticity of demand for a good is positive and less than one, the good must be
A) a luxury good.
B) a normal good.
C) an inferior good.
D) a substitute good.
Correct Answer:
Verified
Q8: The price elasticity of demand for holidays
Q9: Total revenue will increase if
A) price
Q10: A supermarket decides to reduce the price
Q11: If the owner of an ice- cream
Q12: A cinema decides to increase the price
Q14: The income elasticity of demand for good
Q15: If the income elasticity of demand for
Q16: If the income elasticity of a demand
Q17: If the cross- price elasticity between X
Q18: Which of the following defines the price
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents