A 10 Percent Increase in Income Increases the Quantity of Orange

question 212

Multiple Choice

A 10 percent increase in income increases the quantity of orange juice demanded from 19,200 to 20,800 gallons. The income elasticity of demand for orange juice is

• A) 0.5.
• B) 0.8.
• C) 1.0.
• D) 1.2.

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Definitions:

Natural Selection

The evolutionary process by which organisms better adapted to their environment tend to survive and produce more offspring.

Common Ancestor

The most recent shared ancestor among two or more species or individuals, indicating a point of divergence in evolutionary history.

Evolutionary Theory

Evolutionary theory is the scientific explanation for the diversity of life, asserting that species change over time through natural selection and genetic variation.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA.