If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then
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Question:
If income increases by 10% and, in response, the quantity of housing demanded increases by 7%, then the income elasticity of demand for housing is _________. Housing is considered a __________ good.
Select one:
a.0.7; normal.
b.-1; normal.
c.-0.7; inferior.
d.1.43; inferior.
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