If the income elasticity of demand is -3,the good will be a(n)________ good.
A) complement
B) substitute
C) necessity
D) inferior
E) luxury

Name: If the income elasticity of demand is -3,the good will be a(n)________ good. A) complement B) substitute C) necessity D) inferior E) luxury
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Question

Quizplus · Accepted Answer

A negative income elasticity of demand indicates that the good is an inferior good, meaning demand decreases as income increases.

If the Income Elasticity of Demand Is -3,the Good Will