High School Economics Quiz
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MARKETS AND PRICE DETERMINATION
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If the income elasticity of demand for a product is calculated to be +1.8, which of the following is the most accurate interpretation?
A
The product is an inferior good because the elasticity value is greater than one.
B
The product is a normal good, and likely a luxury, because demand increases more than proportionally with income.
C
The product is a normal good, and likely a necessity, because the demand response to income is positive.
D
The product is a substitute for other goods, as indicated by the positive elasticity value.
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