Multiple Choice
The income elasticity of demand for ground beef has been estimated to be -0.197.If income drops by 10 percent in a period, how will that affect demand for ground beef in that period, all other things unchanged?
A) demand will increase by less than 1.97 percent
B) demand will increase by 1.97 percent
C) demand will decrease
D) demand won't change, but quantity demanded will decrease by 1.97 percent
Correct Answer:
Verified
Correct Answer:
Verified
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