Negative Income Elasticity MCQs 1576 to 1580 are here. You can practice these MCQs frequently to prepare for your exams. Stay Connected for more.
Negative Income Elasticity MCQs
- es for a positively sloped straight-line supply curve that intersects the price axis is
- Equal to zero
- Equal to 1
- Greater than 1
- If the amount of a commodity purchased remains unchanged when the price of another commodity changes, the cross elasticity of demand between them is
- If the amounts of two commodities purchased both increases or decrease when the price of one changes, the cross elasticity of demand between them is
- If the income elasticity of demand is greater than 1, the commodity is
- A necessity
- A luxury
- An inferior good
- A nonrelated good
- A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased
- Remains unchanged
- Any of the above
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