Assume the income elasticity of a good has been calculated to be +0.83. Based on this information, we can infer that the good is:

If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is

A) -1. B) 1. C) -2. D) 2. E) 100 percent.

For computers and other business equipment, small changes in business earnings tend to generate relatively large short-run changes in the demand for this equipment

In the long run, the responsiveness of demand for business equipment with respect to income changes tends to be: A) even more responsive. B) less responsive. C) equally responsive. D) none of the above