Assume the income elasticity of a good has been calculated to be +0.83
Assume the income elasticity of a good has been calculated to be +0.83. Based on this information, we can infer that the good is:
A) a normal good and a luxury.
B) an inferior good and a necessity.
C) a normal good and a necessity.
D) an inferior good and a luxury.
ANSWER
C
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