Income elasticity relates to
A) a movement down a demand curve.
B) a movement up a demand curve.
C) a horizontal shift in a demand curve.
D) the percentage change in quantity demanded divided by the percentage change in the price.
C
Economics
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During an economic boom
A) aggregate demand exceeds aggregate supply. B) potential output exceeds quantity demanded. C) actual output exceeds potential output. D) potential output exceeds actual output.
Economics
Economic growth can be represented by
A) a movement down the production possibilities frontier (PPF). B) a movement up the production possibilities frontier (PPF). C) an inward shift of the production possibilities frontier (PPF). D) an outward shift of the production possibilities frontier (PPF).
Economics