Multiple Choice
In the nation of Transporta, the income elasticity of demand for used cars is -2.66. So when incomes in this nation increase by 10 percent
A) the quantity of used cars demanded will increase by 26.6 percent.
B) used cars will be normal goods.
C) the quantity of used cars demanded will decrease by 26.6 percent.
D) the demand curve for used cars will shift rightward.
Correct Answer:
Verified
Correct Answer:
Verified
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