Income elasticity is positive, but less than unity in the case of

Related MCQs

• On a linear demand curve, the coefficient of price elasticity is unity, then the value of MR will be
• A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased
• In the case of luxury goods, the income elasticity of demand will be
• If the income elasticity of demand is greater than one, then the commodity is
• For necessary goods, the income elasticity of demand
• Income elasticity of demand for inferior goods 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
• For substitutes, cross elasticity is --------
• For complementary goods, cross elasticity is --------