Multiple Choice
Consider the income elasticity of demand for turnips.An increase in income will
A) always increase the demand for turnips.
B) decrease the demand for turnips if turnips have a very low price.
C) increase the demand for turnips if turnips are normal goods.
D) increase the demand for turnips if turnips are inferior goods.
E) increase the supply of turnips.
Correct Answer:
Verified
Correct Answer:
Verified
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