If the Demand for a Product Has an Income Elasticity

question 56

Multiple Choice

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

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

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