The responsiveness of the quantity demanded to a change in the value of the income variable in the demand function is the income elasticity of demand.

Name: The responsiveness of the quantity demanded to a change in the value of the income variable in the demand function is the income elasticity of demand.
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Question

Quizplus · Accepted Answer

This statement accurately defines the income elasticity of demand as a measure of how responsive the quantity demanded is to changes in income.

The Responsiveness of the Quantity Demanded to a Change in the Value