The Greater the Magnitude of the Absolute Value of the Income

question 237

Multiple Choice

The greater the magnitude of the absolute value of the income elasticity of demand for a good, the more the

• A) demand for that good changes when income changes.
• B) total revenue for firms producing that good changes when income changes.
• C) price of the good changes when income changes.
• D) All of the above answers are correct.

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