Economics · Consumer Behavior and Demand
If the income elasticity of demand (e y ) for a commodity is positive but less than one (0<e y <1), the commodity is classified as a/an:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Inferior Good
- 2Luxury Good
- 3Giffen Good
- 4Necessity✓
Correct answer
Necessity
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Consumer Behavior and Demand MCQs →Want more practice questions on Consumer Behavior and Demand?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Consumer Behavior and Demand