If the income elasticity of demand is greater than one, then the commodity is:

Related MCQs

• Relation between price of a commodity and demand for another commodity is measured by:
• When demand curve is rectangular hyperbola, the value of price elasticity of demand will be:
• Income elasticity of demand for inferior goods is:
• In the case of luxury goods, the income elasticity of demand will be:
• Income elasticity is positive, but less than unity in the case of:
• When both average and total product are greater than zero, and marginal product equals average product, then total product:
• When the price of the substitute commodity of X falls, the demand for X:
• For complementary goods, the cross elasticity of demand:
• Cross elasticity of demand in the case of substitutes:
• _________ is distinctive for much greater use of mathematics than the other social sciences, a development made possible by the development of a concept of utility