Where a commodity takes an insignificant proportion of the consumer's income, demand for it will...
ECONOMICS
WAEC 2012
Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
- A. unitary elastic
- B. price inelastic
- C. fairly elastic
- D. income inelastic
Correct Answer: D. income inelastic
Explanation
Income inelastic means that consumer demand would not change in response to a change in income
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