Asked by
Batyrzhan Daulet
on Oct 26, 2024
Verified
If the income elasticity of demand for a good is positive,the good is said to be:
A) inferior.
B) a substitute.
C) normal.
D) positive.
Income Elasticity
A measure of how much the demand for a good changes in response to a change in consumer income.
Demand
The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.
- Grasp the concept of income elasticity of demand and its application in classifying goods as normal or inferior.
Verified Answer
YP
Learning Objectives
- Grasp the concept of income elasticity of demand and its application in classifying goods as normal or inferior.
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