Economics · Consumer Behaviour
If the income elasticity of demand for a commodity is positive but less than 1 (0<e y <1), the commodity is considered a/an:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Inferior good
- 2Luxury good
- 3Giffen good
- 4Necessity good✓
Correct answer
Necessity good
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