For most goods and services the income elasticity of demand is
A) negative.
B) positive.
C) invisible.
D) inverse.
Answer: B
Economics
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Luxury goods have income elasticity:
A) of less than zero. B) between zero and one. C) equal to one. D) greater than one.
Economics
Refer to Figure 12-1. If the firm is producing 200 units
A) it should increase its output to maximize profit. B) it is making a loss. C) it breaks even. D) it should cut back its output to maximize profit.
Economics