The income elasticity of demand measures:
A) How the quantity demanded changes in relation to price changes.
B) How the quantity demanded changes in relation to income changes.
C) A movement along the demand curve.
D) The sensitivity of supply to changes in income.
Correct Answer:
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Q2: If demand is relatively price inelastic:
A) The
Q3: If the price elasticity of demand is
Q4: The relationship between the price of one
Q5: If an increase in the price of
Q6: Demand is most likely to be price
Q7: If the price elasticity of demand is
Q8: If the price elasticity of demand is
Q9: For a Giffen good:
A) The price elasticity
Q10: Which of the following is the most
Q11: If the price of a good rises
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