If the Income Elasticity of Demand for a Good Is

question 15

Multiple Choice

If the income elasticity of demand for a good is positive but less than 1, then:

• A) demand for the good will increase at a faster rate than price.
• B) the good is an inferior good.
• C) demand for the good will increase at a slower rate than income.
• D) the good is a luxury good.

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