The Income Elasticity of Demand Refers To

question 52

Multiple Choice

The income elasticity of demand refers to:

• A) a change in income following a change in quantity demanded.
• B) the substitution of one good for another as income changes.
• C) the percentage change in quantity demanded resulting from a 1-percent increase in income.
• D) the change in income required for quantity demanded to change by 1%.

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Definitions:

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The quality of being trustworthy or believable.

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