Multiple Choice
The income elasticity of demand for jewelry is +2. Other things equal, a 10 percent increase in consumer income will
A) decrease the quantity of jewelry purchased by 20 percent.
B) increase the quantity of jewelry purchased by 5 percent.
C) decrease the quantity of jewelry purchased by 5 percent.
D) increase the quantity of jewelry purchased by 20 percent.
Correct Answer:
Verified
Correct Answer:
Verified
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