Goods with an income elasticity of demand greater than 1 are called
a. necessities
b. inferior goods
c. normal goods
d. luxuries
e. complements
D
Economics
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The expected real cost of using a unit of capital over a given period of time is known as ________
A) the real rate of interest B) the nominal rate of interest C) depreciation D) the user cost of capital
Economics
At a zero price, which of the following conditions is TRUE for an economic good?
A) Its quantity supplied exceeds its quantity demanded. B) Its quantity demanded exceeds its quantity supplied. C) Its quantity demanded equals its quantity supplied. D) Scarcity disappears.
Economics