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Author Question: If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a ... (Read 152 times)

jjjetplane

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on: Jun 29, 2018
If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a good, the income elasticity of demand equals ________ and the good is ________ good.
 
  A) 0.80; an inferior
  B) 1.2; a normal
  C) 0.80; a normal
  D) -1.2; an inferior

Question 2

A market structure in which one firm produces a good or service that has no close substitutes is called
 
  A) perfect competition.
  B) monopolistic competition.
  C) oligopoly.
  D) monopoly.


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stano32

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

D


jjjetplane

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Reply 2 on: Jun 29, 2018
Excellent

ryhom

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Reply 3 on: Yesterday
Gracias!

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