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Paul's Monthly Income Decreased from $2,500 to $2,300

Question 335

Multiple Choice

Paul's monthly income decreased from $2,500 to $2,300. As a result, he decreased the number of DVDs he rents per month from 5 to 4. Paul's demand for DVD rentals is


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

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