McqMate
| Q. |
In the case of luxury goods, the income elasticity of demand will be |
| A. | less than unity |
| B. | unity |
| C. | more than unity |
| D. | all the above |
| Answer» A. less than unity | |
1k
1
Do you find this helpful?
16
View all MCQs in
Economics of Business and FinanceDiscussion
Vandana Toppo
1 year ago
How?
0
Related MCQs
- A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased
- For necessary goods, the income elasticity of demand
- Income elasticity of demand for inferior goods is
- When demand curve is rectangular hyperbola, the value of price elasticity of demand will be
- If the income elasticity of demand is greater than one, then the commodity is
- If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is
- Cross elasticity of demand in the case of substitutes
- Income elasticity is positive, but less than unity in the case of
- When an individual’s income falls, when everything else remains the same, his demand for inferior goods
- If the quantity demanded remains unchanged as the price of the commodity falls, the coefficient of price elasticity of demand is