If the income elasticity of a specific types of goods is greater than one, what does it suggest about the goods ?
CA Foundation · Business Economics · PYQS · September 2024
If the income elasticity of a specific types of goods is greater than one, what does it suggest about the goods ?
Suggested Answer and Working Notes:
Correct Answer: Option (D)
D. It is a luxury goods.
Topics: Theory of Demand and Supply
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