If a good is a luxury, its income elasticity of demand is Options: A . &nbspPositive and less than 1 B . &nbspNegative but greater than 1 C . &nbspPositive and greater than 1 D . &nbspZero

If a good is a luxury, its income elasticity of demand is

Question

If a good is a luxury, its income elasticity of demand is

Options:

A . Positive and less than 1

B . Negative but greater than 1

C . Positive and greater than 1

D . Zero

Answer: Option C

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