Commodities bought in larger quantities when income rises are called:

Related MCQs

• When individuals income rises (everything remain the same) his demand for a normal good
• When disposable income rises from Rs 500 to Rs 600 and consumption expenditure changes from Rs 470 to Rs 560, MPC will be equal to
• When an individual’s income rises, when everything else remains the same, his demand for normal goods:
• When both the price of a substitute and the price of complement of X rises, the demand for X:
• Which one of the following elasticities takes the average of prices and quantities:
• A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased:
• The larger the diameter of a natural gas pipeline, the lower is the average total cost of transmitting 1,000 cubic feet of gas 1,000 miles. This is an example of:
• Remittances made by NRIs to India in the context of national income accounting is called as
• When individuals income falls (everything remain the same) his demand for an inferior good
• If negative income effect is greater than positive substitution effect : the product will be