Table 21-1 ​

question 11

Multiple Choice

Table 21-1 ​
-Consider the economy described by the income distribution in Table 21-1.From this table, we can conclude that the poorest 60 percent of the population earns

• A)15 percent of the income.
• B)17 percent of the income.
• C)32 percent of the income.
• D)68 percent of the income.

---

Definitions:

Cross-Price Elasticity of Demand

A measure indicating how the quantity demanded of one good or service changes in response to a price change of another good or service.

Cross-Price Elasticity of Demand

The sensitivity measure of one good's demanded quantity to the price changes of a separate good.

Rice and Beans

A staple food dish in many cultures around the world, consisting of rice and beans as the main ingredients.

Complements

Goods or services that are typically consumed together, where the increase in the price of one leads to a decrease in demand for the other.