For which product is the income elasticity of demand most likely to be negative?
A) computer software
B) used clothing
C) apps for iPads
D) bread

Name: For which product is the income elasticity of demand most likely to be negative? A) computer software B) used clothing C) apps for iPads D) bread
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Used clothing is likely to have a negative income elasticity of demand because as consumer income increases, demand for secondhand clothing decreases since people can afford to buy new clothing instead.

For Which Product Is the Income Elasticity of Demand Most