In the Nation of Transporta,the Income Elasticity of Demand for Used

question 136

Multiple Choice

In the nation of Transporta,the income elasticity of demand for used cars is -2.66.If incomes in this nation increase by 10 percent,

• A)the quantity of used cars demanded increase by 26.6 percent.
• B)used cars will be normal goods.
• C)the quantity of used cars demanded decrease by 26.6 percent.
• D)the demand curve for used cars shifts rightward.
• E)the supply curve of used cars shifts rightward.

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