If the income elasticity of demand for store brand macaroni and cheese is −3.00, this means that
A) store brand macaroni and cheese is a substitute for name brand macaroni and cheese.
B) store brand macaroni and cheese is a normal good.
C) store brand macaroni and cheese is an inferior good.
D) more store brand macaroni and cheese will be purchased when its price falls.
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Q334: Cross elasticity of demand measures how sensitive
Q335: Q336: We would expect the cross elasticity of Q337: Suppose the income elasticity of demand for 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