Multiple Choice
If a product's income elasticity is - 3.4, then we can conclude that
A) an increase in income will lead to an increase in demand for the product.
B) the product is a normal good.
C) the product is certainly a necessity.
D) the product has a rising income- consumption curve.
E) a decrease in income will lead to an increase in demand for the product.
Correct Answer:
Verified
Correct Answer:
Verified
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