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Peter's Monthly Income Increases from $1,500 to $1,600

Question 105

Multiple Choice

Peter's monthly income increases from $1,500 to $1,600. As a result, he increases the number of DVDs he buys per month from 2 to 3. Peter's demand for DVDs is


A) price elastic.
B) price inelastic.
C) income elastic.
D) income inelastic.

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