[Answered] What is the income elasticity of demand for an inferior good?[br][br][b][color=#A83E49]Question ...

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nramada

Hero Member
Posts: 580

on: Jun 30, 2018

What is the income elasticity of demand for an inferior good?

Question 2

Each firm under perfect competition charges different prices for its products.
a. True
b. False
Indicate whether the statement is true or false

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pratush dev

Sr. Member
Posts: 321

Reply #1 on: Jun 30, 2018

Answer to Question 1

The income elasticity of demand for an inferior good is always negative.

Answer to Question 2

False

nramada

Hero Member
Posts: 580

Reply #2 on: Jun 30, 2018

Thank you

pratush dev

Sr. Member
Posts: 321

Reply #3 on: Jun 30, 2018

Happy to help you

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