If the income elasticity of demand is greater than 1, the commodity is:
CA Foundation · Business Economics · MTP · June 2024
If the income elasticity of demand is greater than 1, the commodity is:
Suggested Answer and Working Notes:
Correct Answer: Option (B)
B. a luxury,
Topics: Theory of Demand and Supply
Related Questions in this Topic
- If technological advancement occurs, supply curve will:
- The consumer surplus concept supports pricing strategy because:
- A key limitation of the Law of Diminishing MU is that it assumes utility is:
- If two goods X and Y have a positive cross elasticity, these goods are:
- At saturation point of TU curve, the slope of TU curve is _______