Multiple Choice
Below is some information on the demand for products K,L and M.
-Refer to the information above to answer this question.Which of the following is correct about product M?
A) It has an income elasticity of approximately 6.7.
B) It has an income elasticity of approximately 0.2.
C) It has an income elasticity of approximately 0.6.
D) It is a normal good.
E) It is an inferior good.
Correct Answer:
Verified
Correct Answer:
Verified
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