The Income Elasticity of Demand for Low-Quality Beef Is -2

question 33

Multiple Choice

The income elasticity of demand for low-quality beef is -2. Thus, a 5% increase in the quantity of low-quality beef demanded

• A) is the result of a decrease in income of 2.5%.
• B) is the result of a decrease in income of 10%.
• C) is the result of an increase in income of 2.5%.
• D) is unrelated to any change in income.

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