Question
If a 5 percent increase in income brings about a 10 percent decrease in the demand for a good, then the* 0/1 A) good is
If a 5 percent increase in income brings about a 10 percent decrease in the demand for a good, then the*
0/1
A) good is a normal good.
B) good is an inferior good.
C) income elasticity of demand is 0.5.
D) income elasticity of demand is 2.0.
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Economics Today
Authors: Roger LeRoy Miller
16th edition
132554615, 978-0132554619
