If the Income Elasticity of Demand for a Service Is

question 89

Multiple Choice

If the income elasticity of demand for a service is 0.6, then a 5 percent increase in income will generate a __________ in quantity demanded

• A)3 percent decrease
• B)3 percent increase
• C)8.33 percent decrease
• D)8.33 percent increase
• E)0.12 percent decrease

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Definitions:

Autonomy

The right or condition of self-government, or the ability of an individual or organization to make their own decisions and control their own affairs.

Personal Commitment

An individual's sincere promise or dedication toward achieving a particular goal or fulfilling an obligation.

Eligible

Meeting the required conditions or criteria set for a specific situation, program, or opportunity.

I-9

A United States employment eligibility verification form required by law for all employees.