If income elasticity of demand is 2.12, it means that quantity demanded will 2.12 percent for every by percent in income. Group of answer choices A. fall; 1.0; rise B. none of these options C. rise; 2.12; fall D. rise; 1.0; rise

If income elasticity of demand is 2.12, it means that quantity demanded will 2.12 percent for every by percent in income. Group of answer choices A. fall; 1.0; rise B. none of these options C. rise; 2.12; fall D. rise; 1.0; rise

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...

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Question

If income elasticity of demand is 2.12, it means
that quantity demanded will
2.12 percent for every
by
percent
in income.
Group of answer choices
A. fall; 1.0; rise
B. none of these options
C. rise; 2.12; fall
D. rise; 1.0; rise

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