If a household's demand for bread decreases as its income increases, then its income elasticity of demand for bread is
A) elastic.
B) unit elastic.
C) inelastic.
D) equal to 0.
E) negative.
Correct Answer:
Verified
Q99: Suppose that the revenue of a product
Q100: When price elasticity of demand for a
Q101: Other things being equal, the demand for
Q102: If a good is considered to be
Q103: If there are very few substitutes for
Q105: Last year, Keith purchased 20 pounds of
Q106: Which of the following is a characteristic
Q107: If a firm wishes to raise the
Q108: Because there are few substitutes for a
Q109: Because people can adapt to paying higher
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents