Recall the text's discussion of the ten largest U.S. industries by value added in 1860 and 1910. The emergence of tobacco products and malt liquors as major industries by 1910 suggests that
A) these goods are highly income elastic.
B) these goods are highly income inelastic.
C) these goods are price inelastic.
D) these goods exhibit economies of scale in production.
Correct Answer:
Verified
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