Multiple Choice
Income elasticity of demand is the percentage change in
A) demand divided by the percentage change in the price of the product.
B) demand divided by the percentage change in the price of different products.
C) quantity demanded divided by the absolute price of the product.
D) quantity demanded of a product divided by the percentage change in income.
E) income divided by the percentage change in quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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