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Market and Types of Goods · UPSC CDS/OTA · Question 40 of 66

Market and Types of Goods: A product with high income elasticity (>1) is classified as

Step-by-step solution. Market and Types of Goods for UPSC CDS/OTA.

Topic
Market and Types of Goods
Subject
General Studies
Difficulty
moderate
Solve Time
45-60 sec

Solved UPSC CDS/OTA Question

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Q · Market and Types of Goodsmoderate · 45s

A product with high income elasticity (>1) is classified as:

TopicMarket and Types of Goods
Question Typemultiple choice
Difficultymoderate
Marking+1 / −0.33
Test Duration30 min

Step-by-Step Solution

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Luxury goods see demand rise faster than income.Meaning: Non-essential desirables.Correct: B is correct.Incorrect: A rises equally; C falls with income; D is price-driven.

Final Answer: Option B - Luxury good
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A product with high income elasticity (>1) is… - Market and Types of Goods (General Studies) Solved Question