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Which of the following statement(s) is (are) true? A positively sloped Engel curve implies that the commodity is a normal good. If the own-price elasticity
Which of the following statement(s) is (are) true?
- A positively sloped Engel curve implies that the commodity is a normal good.
- If the own-price elasticity of demand is -1, the demand is said to be unitary elastic.
- An income elasticity of less than 1 indicates that the commodity is a necessity.
- All of the above.
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