Suppose That the Income Elasticity of Demand for College Education

question 99

Multiple Choice

Suppose that the income elasticity of demand for college education is 1.3.This indicates that

• A)college education is a necessity
• B)college education is an inferior good
• C)the demand curve for college education slopes downward
• D)college education is a normal good
• E)the demand curve for college education is horizontal

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