If the Demand for a Product Has an Income Elasticity

question 14

Multiple Choice

If the demand for a product has an income elasticity of - 3.4,we can conclude that

• A)a decrease in income will lead to an increase in demand for the product.
• B)the product has a rising income- consumption curve.
• C)the product is a normal good.
• D)an increase in income will lead to an increase in demand for the product.
• E)the product is certainly a necessity.

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