Multiple Choice
An income elasticity of demand for milk of 0.1 could mean that:
A) as income rises by 10 percent, quantity demanded rises by 1 percent.
B) as income rises by 100 percent, quantity demanded rises by 1 percent.
C) as income rises by 20 percent, quantity demanded rises by 10 percent.
D) as income rises by 50 percent, quantity demanded rises by 25 percent.
Correct Answer:

Verified
Correct Answer:
Verified
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