Multiple Choice
Suppose a 10% increase in the price of steak reduces the consumption of steak by 30%. Such a price rise will induce households to spend
A) less of their income on steak.
B) more of their income on steak.
C) the same amount on steak as before.
D) more on products that are complementary with steak.
Correct Answer:
Verified
Correct Answer:
Verified
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