For which of the following goods is the income elasticity of demand likely highest?
A)natural gas
B)doctor's visits
C)hamburgers
D)boats

Name: For which of the following goods is the income elasticity of demand likely highest? A)natural gas B)doctor's visits C)hamburgers D)boats
Brand: Quizplus
Rating: 4.9 (35 reviews)

Question

Quizplus · Accepted Answer

Boats are considered a luxury item, meaning that as people's incomes increase, they are more likely to purchase boats, resulting in a higher income elasticity of demand.

For Which of the Following Goods Is the Income Elasticity