If the income elasticity of demand for a good is negative, it must be:

Related MCQs

• If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is
• If the cross-price elasticity between two goods is negative, the two goods are likely to be:
• The price elasticity of demand is defined as
• The law of demand states that an increase in the price of a good:
• Which of the following would cause a demand curve for a good to be price inelastic?
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• A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the:
• According to ----------- when income increases by a small increment, it leads to increasing marginal utility of income
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