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For Product X, the Income Elasticity of Demand Is 1

Question 44

Multiple Choice

For Product X, the income elasticity of demand is 1.16. Which of the following is therefore definitely TRUE?


A) Product X is a necessity.
B) Product X is income elastic.
C) Product X is a substitute for some other good.
D) Product X is something that mostly poor people will buy.

Correct Answer:

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