If income rises from N200.00 to N250.00 and the amount spent on good X falls...

Economics

JAMB 1982

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

A. an income elastic good
B. a normal good
C. an inferior good
D. demand elastic
E. supply elastic

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Correct Answer: Option C

Explanation

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If income rises from N200.00 to N250.00 and the amount spent on good X falls...

Correct Answer: Option C

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