If the income elasticity of demand for a good is 2, then when income rises 10 percent, the quantity demanded

A) increases 2 percent.
B) increases 20 percent.
C) decreases 2 percent.
D) decreases 20 percent.
E) increases 12 percent.

B

Economics

You might also like to view...

Explain the externality generated when a shepherd grazes sheep in a field that is common property that several other shepherds use

What will be an ideal response?

Economics

Any asset that sellers will accept as payment is a(n)

A. unit of accounting. B. standard of deferred payment. C. medium of exchange. D. store of value.

Economics