If the Income Elasticity of Demand for Store Brand Macaroni

question 126

Multiple Choice

If the income elasticity of demand for store brand macaroni and cheese is −3.00, this means that

• A)store brand macaroni and cheese is a substitute for name brand macaroni and cheese.
• B)store brand macaroni and cheese is a normal good.
• C)store brand macaroni and cheese is an inferior good.
• D)more store brand macaroni and cheese will be purchased when its price falls.

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