Multiple Choice
If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 percent for every __________ percent __________ in income.
A) rise; 2.12; fall
B) rise; 1.0; rise
C) fall; 1.0; rise
D) fall; 2.12; fall
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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