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Suppose the income elasticity of gasoline is 0.2. If consumers' incomes rise 10%, what happens to the quantity of gasoline demanded? The quantity of gasoline
Suppose the income elasticity of gasoline is 0.2. If consumers' incomes rise 10%, what happens to the quantity of gasoline demanded? The quantity of gasoline demanded rises 2 percent. The quantity of gasoline demanded rises 20 percent. ONone of these answers is correct. The quantity of gasoline demanded falls 20 percent. The quantity of gasoline demanded falls 2 percent
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