The income elasticity of demand being greater than one, the commodity must be -

Related MCQs

• If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is -
• Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
• If a good has negative income elasticity and positive price elasticity of demand, it is a
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be -
• 'Law of demand' implies that when there is excess demand for a commodity, then
• In the case of an inferior good, the income elasticity of demand is :
• The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
• Other things being equal, a decrease in quantity demanded of a commodity can be caused by –
• The demand for which of the following commodity will not rise in spite of a fall in its price?