A shopping mall owner is given a list of income elasticity of demand values.Which one represents a necessity?
A) -5
B) -0.5
C) 0
D) 5
E) 0.5

Name: A shopping mall owner is given a list of income elasticity of demand values.Which one represents a necessity? A) -5 B) -0.5 C) 0 D) 5 E) 0.5
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Question

Quizplus · Accepted Answer

A necessity typically has an income elasticity of demand between 0 and 1, indicating that demand increases with income but at a slower rate. An elasticity of 0.5 fits this description.

A Shopping Mall Owner Is Given a List of Income