Multiple Choice
The income elasticity of demand is the ratio of the percentage change in:
A) the quality demanded of a good to the percentage change in income.
B) the quantity demanded of a good to the percentage change in income.
C) income to the percentage change in quantity demanded of a good.
D) the quantity demanded of a good to the percentage change in price.
Correct Answer:
Verified
Correct Answer:
Verified
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