Please 14. A necessity is defined as a goodhavingA. O A positive income elasticity ofdemandB. O A negative income elasticity ofdemandС.An income elasticity of demandbetween zero and 1D. O An income elasticity of more than1

To find : What is definition of necessity.

Answered: A necessity is defined as a good having

Business

Economics

A necessity is defined as a good having

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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Question

Please

14. A necessity is defined as a good
having
A. O A positive income elasticity of
demand
B. O A negative income elasticity of
demand
С.
An income elasticity of demand
between zero and 1
D. O An income elasticity of more than
1

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