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

Related MCQs

• If negative income effect is less than positive substitution effect : the product will be
• 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:
• If negative income effect is greater than positive substitution effect : the product will be
• If negative income effect is greater than positive substitution effect : price effect will be
• 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: