If the income elasticity is greater than one, the commodity is Options: A . &nbspNecessity item B . &nbspLuxury item C . &nbspInferior good D . &nbspNone

If the income elasticity is greater than one, the commodity is

Question

If the income elasticity is greater than one, the commodity is

Options:

A . Necessity item

B . Luxury item

C . Inferior good

D . None

Answer: Option B

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