Multiple Choice
What does income elasticity measure?
A) How a good's quantity demanded responds to change in the good's price.
B) How a good's quantity demanded responds to change in the price of another good.
C) How a good's quantity demanded responds to change in buyers' incomes.
D) How a good's quantity demanded responds to producers' incomes.
Correct Answer:
Verified
Correct Answer:
Verified
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