Foreıgn Trade Deneme Sınavı Sorusu #1380251
Which of the following choices correctly defines the concept of " income inelastic demand "?
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It refers to the situation when the increase in the demand for a certain commod-ity is smaller than the increase in income. |
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It explains the condition that the increase in the demand for a certain commod-ity is greater than the increase in income. |
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It displays that income elasticity of demand can appear in three forms. |
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It refers to the circumstance when the demand for a certain commodity decreas-es while the income increases. |
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It postulates that countries with similar income levels have more or less identical demand preferences. |
Income inelastic demand: It refers to the situation when the increase in the demand for a certain commodity is smaller than the increase in income. Food and clothing are the main examples of income inelastic demand. Normal goods have income inelastic demand. The correct answer is " A ".
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