Multiple Choice
The figure given below shows the demand curves for five products: A, B, C, D, and E.Figure 6.1
-Income elasticity of demand is expected to be _____.
A) relatively high for necessities
B) positive for most products
C) relatively low for luxuries
D) negative for most products
E) zero for most products
Correct Answer:
Verified
Correct Answer:
Verified
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