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It was estimated in 2016 that milk has an income elasticity of demand of -0.8. What can be concluded about milk from this information? O

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It was estimated in 2016 that milk has an income elasticity of demand of -0.8. What can be concluded about milk from this information? O It accounts for only a small proportion of household expenditure. O It has very few substitutes. O Household expenditure on milk will increase if the price of milk increase. O It is an inferior good

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