TASC Economics Level 3 Practice Questions - TASC Economics Level 3 Examination (Course Code ECN315116) Exam

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An economic good is classified as an 'inferior good' if its income elasticity of demand (YED) possesses which characteristic?

Income elasticity of demand is negative (YED < 0) Income elasticity of demand is positive and greater than one (YED > 1) Income elasticity of demand is exactly equal to zero (YED = 0) Price elasticity of demand is unit elastic (PED = 1)

Correct Answer:

Income elasticity of demand is negative (YED < 0)

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