Which of the Following Statements About Income Elasticity Is Correct

Multiple Choice

Which of the following statements about income elasticity is correct?

A) Income elasticity in the short-run is greater than in the long-run.
B) Income elasticity in the long-run is greater than in the short-run.
C) Income elasticity is the same in the short-run and the long-run.
D) There is no clear relationship between the short-run and the long-run.