If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is

Related MCQs

• A negative income elasticity of demand for a commodity indicates that as income falls, the amount of the commodity purchased:
• If the income elasticity of demand is greater than one, then the commodity is:
• If the amount of the commodity purchased remains unchanged when the price of another commodity changes, the cross elasticity of demand between them will be:
• If the quantity demanded remains unchanged as the price of the commodity falls, the coefficient of price elasticity of demand is
• Relation between price of a commodity and demand for another commodity is measured by:
• A fall in the price of the commodity whose demand curve is a rectangular hyperbola causes total expenditure on the commodity:
• An increase in the price of the commodity when demand is inelastic causes the total expenditure of consumers of the commodity to:
• When demand curve is rectangular hyperbola, the value of price elasticity of demand will be:
• Income elasticity of demand for inferior goods is:
• In the case of luxury goods, the income elasticity of demand will be: