If the income elasticity for lobster is 0.6, a 25 percent increase in income will lead to a:
A. 15 percent increase in demand for lobster.
B. 2.4 percent increase in demand for lobster.
C. 6 percent drop in demand for lobster.
D. 42 percent increase in demand for lobster.
Answer: A
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What will be an ideal response?
A country's government runs a budget deficit when which of the following occurs in a given year?
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