Food and clothing tend to have
a. small income elasticities because consumers, regardless of their incomes, choose to buy relatively constant quantities of these goods.
b. small income elasticities because consumers buy proportionately more of both goods at higher income levels than they buy at low income levels.
c. large income elasticities because they are necessities.
d. large income elasticities because they are relatively inexpensive.
a
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Which of the following statements is true?
A. The capital-gains tax rate was nearly 40 percent during 2003-2012 in the U.S. B. The capital-gains tax rate reached its all-time low during the 1970s in the U.S. C. The incomes of the top 1 percent were likely overstated in early 2000s in the U.S. D. The capital-gains tax rate reached its all-time low during 2003-2012 in the U.S.
Selling candy mints at a price below the seller's cost of purchasing them
What will be an ideal response?