Which of the following statements is correct?
A. The income elasticity of demand for food is high.
B. The income elasticity of demand for shelter is high.
C. The income elasticity of demand for clothing is high.
D. The income elasticity of demand for luxuries is high.
1
Expert's answer
2021-08-05T13:06:56-0400
The correct answer is (D).
Answer:
D. The income elasticity of demand for luxuries is high.
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