Asked by
M? Nghi Phùng
on Oct 12, 2024
Verified
If income elasticity for a good or service is _____,then we can say that the good or service is _____.
A) zero;inferior
B) negative;normal
C) positive;inferior
D) positive;normal
Income Elasticity
A measure of how much the demand for a good will change in response to a change in consumer's income.
- Differentiate between normal and inferior goods through income elasticity.
Verified Answer
HA
Learning Objectives
- Differentiate between normal and inferior goods through income elasticity.