Multiple Choice
If the income elasticity of demand for a good is -2.5,then
A) it is a normal good,and its demand curve will shift to the left if buyers' incomes increase
B) it is a normal good,and its demand curve will shift to the right if buyers' incomes increase
C) it is an inferior good,and its demand curve will shift to the right if buyers' incomes increase
D) it is an inferior good,and its demand curve will shift to the left if buyers' incomes increase
E) there is insufficient information to determine whether the good is normal or inferior
Correct Answer:
Verified
Correct Answer:
Verified
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