A) A luxury good.
B) A normal good.
C) An inferior good.
D) A substitute good.
For Explanation Click Here:
For inferior goods, demand decreases as income increases, resulting in a negative income elasticity of demand.
A) A luxury good.
B) A normal good.
C) An inferior good.
D) A substitute good.
For inferior goods, demand decreases as income increases, resulting in a negative income elasticity of demand.