Question
6. The fact that the expenditure on food as a percentage of income has declined as income has increased indicates that food: A. is an
6. The fact that the expenditure on food as a percentage of income has declined as income has increased indicates that food:
A. is an inferior good
B. is a luxury good
C. has an income elasticity of demand less than unity
D. is a normal good with an elastic demand
E. there is not enough information to be able to determine what type of good food is
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Fundamentals of Managerial Economics
Authors: Mark Hirschey
9th edition
324584830, 978-0324588781, 032458878X, 978-0324584837
