Which of the following statements are true? (i) The absolute value of the price elasticity of demand is greater when substitutes are available. (ii) If income of an individual increases from R20,000 to R30,000 and the quantity of X demanded decreases, then X is an inferior good. (iii) The law of demand refers to the relationship between consumer income and the quantity demanded.
Which of the following statements are true? (i) The absolute value of the price elasticity of demand is greater when substitutes are available. (ii) If income of an individual increases from R20,000 to R30,000 and the quantity of X demanded decreases, then X is an inferior good. (iii) The law of demand refers to the relationship between consumer income and the quantity demanded.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 9CQ
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Which of the following statements are true? (i) The absolute value of the price elasticity of
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