Multiple Choice
If the income-elasticity coefficient for coffee is 0.5,the demand for coffee will ________.
A) decrease 0.5 percent for every 1.0 percent increase in income
B) increase 1.0 percent for every 5.0 percent increase in income
C) increase 0.5 percent for every 1.0 percent increase in income
D) decrease 0.5 percent for every 0.5 percent increase in income
Correct Answer:
Verified
Correct Answer:
Verified
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