If a good has negative income elasticity and positive price elasticity of demand, it is a

Related MCQs

• In the case of an inferior good, the income elasticity of demand is :
• When the demand for a good increases with an increase in income, such a good is called -
• A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to -
• Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
• The income elasticity of demand being greater than one, the commodity must be -
• 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
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• If the price of Pepsi decreases relative to the price of Coke and 7-Up, the demand for
• When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will -
• When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be -