If the price elasticity of demand for a good is elastic, then consumers are relatively unresponsive with respect to the quantity purchased when the price changes

Here is a consumption function: C = C0 + MPC(Yd). If MPC is 0.80, then we know that

A) as Yd rises by $1, Co rises by $0.80. B) as Yd rises by $1, C rises by $0.80. C) Yd rises by $0.80. D) as C0 rises by $0.80, Yd rises by $1.

A positive income elasticity value indicates that the good is a normal good.

Answer the following statement true (T) or false (F)