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If the income elasticity of demand for margarine (vegetable based fat) is -3.00, this means that: Question 21 options: as income increases people buy more
If the income elasticity of demand for margarine (vegetable based fat) is -3.00, this means that: Question 21 options: as income increases people buy more margarine as it is a luxury good margarine is a normal good margarine is an inferior good more margarine will be purchased when its price rises Topic : Consumer Surplus
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Economics
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
18th edition
978-0077413798, 0-07-336880-6, 77413792, 978-0-07-33688, 978-0073375694
