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If a good is a luxury its income elasticity of demand...

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Economics
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If a good is a luxury, its income elasticity of demand is

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Correct Answer: Option C
If a good is a luxury, its income elasticity of demand is Positive and greater than 1. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good.
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