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The Income Elasticity of Demand for Jewelry Is 2

Question 128

Multiple Choice

The income elasticity of demand for jewelry is 2.Other things equal,a 10 percent increase in consumer income will:


A) decrease the quantity of jewelry purchased by 20 percent.
B) increase the quantity of jewelry purchased by 10 percent.
C) decrease the quantity of jewelry purchased by 10 percent.
D) increase the quantity of jewelry purchased by 20 percent.

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