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What Is Income Elasticity

Question 60

Multiple Choice

What is income elasticity?


A) The change in the quantity supplied as a result of a change in price.
B) The responsiveness of the change in the quantity demanded to a change in the price of a product.
C) The change in the price of a product as a result of a change in supply.
D) The responsiveness of the quantity demanded to a given change in income.

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