Use the Table Below to Answer the Following Question

question 109

Multiple Choice

Use the table below to answer the following question.
Table 4.2.1
-Consider the information in Table 4.2.1.The income elasticity of demand is

• A)-2.5.
• B)2.5.
• C)-3.33.
• D)3.33.
• E)-1.33.

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Definitions:

Pure Monopolist

A single seller in a market who has exclusive control over a product or service, facing no competition.

Output

The aggregate quantity of products or services generated by a company, sector, or economic system within a specified timeframe.

Profit-Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

Monopolist

A single seller in a market who has significant control over the price and supply of a particular good or service.