Multiple Choice
If the income elasticity for lobster is 0.4, a 40% increase in income will lead to a:
A) 10% drop in demand for lobster.
B) 16% increase in demand for lobster.
C) 20% increase in demand for lobster.
D) 4% increase in demand for lobster.
Correct Answer:
Verified
Correct Answer:
Verified
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