O ver time, technological advances increase consumers incomes and reduce the price of smartphones. Each of these
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O ver time, technological advances increase consumers’ incomes and reduce the price of smartphones. Each of these forces increases the amount consumers spend on smartphones if the income elasticity of demand is greater than _________ and the price elasticity of demand is greater than _________.
a. zero; zero
b. zero; one
c. one; zero
d. one; one
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