Multiple Choice
Income elasticity of demand reflects
A) the change in total quantity demanded divided by the total change in income.
B) the responsiveness of the quantity demanded to changes in income, adjusting its relative price so real income does not change.
C) the responsiveness of income of producers to a change in quantity sold of the good.
D) the responsiveness of demand to changes in income.
Correct Answer:
Verified
Correct Answer:
Verified
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