An Income Elasticity of Demand for Milk of 0

question 95

Multiple Choice

An income elasticity of demand for milk of 0.1 could mean that:

• A)as income rises by 10 percent, quantity demanded rises by 1 percent.
• B)as income rises by 100 percent, quantity demanded rises by 1 percent.
• C)as income rises by 20 percent, quantity demanded rises by 10 percent.
• D)as income rises by 50 percent, quantity demanded rises by 25 percent.

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