Income elasticity is defined as the
A) percentage change in the quantity demanded of a good resulting from a change in income.
B) percentage change in the demand of a good resulting from a one percent change in income.
C) change in quantity demanded resulting from a change in income.
D) percentage change in the quantity demanded of a good resulting from a one percent change in income.
Correct Answer:
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Q31: If price elasticity is greater than one,
Q32: Inferior goods may also be referred to
Q33: Income elasticity has a range of
A)greater than
Q34: The science of "knowing the customer" is
Q35: If demand is unit elastic, an increase
Q37: A luxury good has
A)a negative income elasticity.
B)a
Q38: Price and total revenue move in opposite
Q39: A perfectly elastic demand curve is a
Q40: Income elasticity is used to determine whether
Q41: If cameras and film have a cross
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