Many economists consider medical care a superior good. Which of the following statements is true regarding a
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Question:
Many economists consider medical care a superior good. Which of the following statements is true regarding a superior good?
Group of answer choices
a. Consumers want more of a superior good regardless of its price.
b. When the price of a superior good increases, consumers demand more of it.
c. As consumer income increases a larger percentage of that income is spent on superior goods.
d. A superior good has an income elasticity of demand greater than one.
e. Both c and d are true of superior goods.
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