Multiple Choice
If the demand for a product has an income elasticity of -3.4,we can conclude that
A) an increase in income will lead to an increase in demand for the product.
B) the product is certainly a necessity.
C) the product is a normal good.
D) the product has a rising income-consumption curve.
E) a decrease in income will lead to an increase in demand for the product.
Correct Answer:
Verified
Correct Answer:
Verified
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