If an increase in income results in a decrease in the quantity demanded for a product, the product is - and the value of the income elasticity of demand is
If an increase in income results in a decrease in the quantity demanded for a product, the product is - and the value of the income elasticity of demand is
Chapter6: Elasticity
Section: Chapter Questions
Problem 3QP: Prove that price elasticity of demand is not the same as the slope of a demand curve.
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a. a normal good; positive
b. an inferior good; positive
c. an inferior good; negative
d. a normal good, negative
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