Basics of Economics MCQ: If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is:

If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is:

Correct Answer: necessity

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Basics of Economics MCQ: If the income elasticity of demand for a commodity is found to be 0.4, then the commodity concerned is: | Extra Education