Multiple Choice
The income elasticity of demand for housing property is exactly 1.40.Due to a recession,you expect incomes to drop by 5% next year. How will consumers adjust their purchase for housing property?
A) Buy 5% more houses
B) Buy 5% fewer houses
C) Buy 7% more houses
D) Buy 7% fewer houses
Correct Answer:
Verified
Correct Answer:
Verified
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