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21 Jan 2018
42) Which one of the following must be true if demand is income elastic? A) A small percentage increase in income will result in a large percentage increase in quantity demanded. B) A percentage change in price will lead to a larger percentage change in quantity demanded. C) The good is an inferior good. D) An increase in income will decrease the quantity demanded. E) A large percentage increase in income will result in a small percentage increase in quantity demanded.
42) Which one of the following must be true if demand is income elastic? A) A small percentage increase in income will result in a large percentage increase in quantity demanded. B) A percentage change in price will lead to a larger percentage change in quantity demanded. C) The good is an inferior good. D) An increase in income will decrease the quantity demanded. E) A large percentage increase in income will result in a small percentage increase in quantity demanded.
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