What Income Elasticities Do Food and Clothing Tend to Have,and

question 24

Multiple Choice

What income elasticities do food and clothing tend to have,and why

• A)small income elasticities because consumers, regardless of their incomes, choose to buy these goods
• B)small income elasticities because consumers will buy proportionately more at higher income levels than they will at low income levels
• C)large income elasticities because they are necessities
• D)large income elasticities because they are relatively cheap

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