For which product is the income elasticity of demand most likely to be negative?Multiple Choicecomputer softwareused clothingbasketballsbread
Question
Solution 1
The income elasticity of demand is most likely to be negative for "used clothing".
Here's why:
Income elasticity of demand measures how the quantity demanded changes as consumer income changes. If the income elasticity of demand is negative, it means that as income increases, the demand for a pro Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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