Multiple Choice
Demand for a food item increases by more than the supply of the food item.One thing for certain is that
A) the price of the food item rises.
B) income elasticity of demand (for the food item) is greater than 1.
C) the supply curve is price elastic.
D) real income rises as a result.
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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