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3 days ago

Which of the following statement(s) is (are) true?



• If the own-price elasticity of demand is -1, the demand is said to be unitary elastic.

• A positively sloped Engel curve implies that the commodity is a normal good.

• An income elasticity of less than 1 indicates that the commodity is a necessity.

• All of these.
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Introduction to Agricultural Economics
Edition: 7th
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3 days ago
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