Multiple Choice
The income elasticity of demand for education is 3.5. Thus, a 6% decrease in income will
A) decrease the quantity of education demanded by 3.5%.
B) decrease the quantity of education demanded by 21%.
C) increase the quantity of education demanded by 6%.
D) increase the quantity of education demanded by 21%.
Correct Answer:
Verified
Correct Answer:
Verified
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