Suppose that as result of a 10% increase in income, the quantity demanded of Good X increases by 20%. Which of the following is true? Possible Answers: Good X is an inferior good. The income elasticity of demand for Good X is less than 0. The income elasticity of demand for Good X is between 0 and 1. The income elasticity of demand for Good X is greater than 1. The income elasticity of demand for Good X is equal to 1.

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