Multiple Choice
If the percentage change in quantity demanded of a good is equal to the percentage change in buyer's income, then the good is said to be
A) income elastic.
B) income inelastic.
C) income unit elastic.
D) price unit elastic.
E) price inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
Q162: The price elasticity of demand tends to
Q163: Vernon spends the following percentages of his
Q164: The quantity demanded of good A changes
Q165: Exhibit 19-2<br><br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6992/.jpg" alt="Exhibit 19-2
Q166: If demand for a given good is
Q168: If a small increase in the price
Q169: If the demand for a good is
Q170: Describe what cross elasticity of demand measures.
Q171: Assume that the buyers of good Z
Q172: If good Z has an income elasticity