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Question #49163

Inferior goods have _ and luxury goods have _?

Options:

A) negative income elasticity income elasticity greater than 1

B) income elasticity greater than 1, negative income elasticities

C) Positive income elasticities, negative income elasticities

D) None of the above

Answer: Inferior goods have negative income elasticity income elasticity greater than 1 and luxury goods have negative income elasticity income elasticity greater than 1.

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