Suppose the Income Elasticity of Demand for Toys Is −0

question 254

Multiple Choice

Suppose the income elasticity of demand for toys is −0.5. This means that

• A)a 12 percent increase in income will decrease the purchase of toys by 6 percent.
• B)a 12 percent increase in income will decrease the purchase of toys by 24 percent.
• C)a 12 percent increase in income will increase the purchase of toys by 6 percent.
• D)toys are a normal good.

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A legal principle that bars a claim due to a significant delay in seeking relief or asserting a right.